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. A. 





I 




INTERNATIONAL 






PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


♦ ♦ 


Paris, Saturday-Sundi^, July 2-3 , 1994 


No. 34,630 


^nate Keeps to Gasscu Vowins Wew; Homeland^ 

On Mus lims 
In Bosnia 


Narrow CUnton Victory 
Sets Stage for Meeting ■ 
In Geneva on Tuesday . . 

By Helen D^ar 

Washo^ott ^csr Serna 

WASHINGTON —PreadentBiBClm- 
tOQ on Friday won a cKiT-hfla^ins 
showdown over Ins rrfiisd^tomt&diaw 
U unilaterally from the intemation^ aims 

1 emtogo on Bo^ia, nanowfy averting a 

2 4^or fen^eign pcdicy defeat da^ bo> 
*i"fore meeting with other vrarid leados in 

j Europe. 

Aiier several days of intense lobbying 
by Mr. Qintmz mid his aides, the 
Senate voted, 52 to 48, to endorse multina- 
tional action to lift the embargo as part of 
a broader Balkan peace settlement. 

Then it Rjected, 50 to 50, an amend- 
ment to the 1995 militaiy authorization 
bill that would tove temnnated U.S. par- 
dcipiation in the United Nations. CTbar^ 
on arms sales to Bosnia, leaving die I wn to 
apply only to Serbia and other waning 
rqniblics of former Yogpslavia. 

[The State Department spdmsqi^ 
Mike McCuiiy. said later ihatSecretaiy of. 
State Warren M, Christc^Am wc^d at- 
tend a ministerial meeting on Bosnia in 
Geneva on Tuesday in the latest effort to 
end the 27-month war, Reuters rqxaied.] 

Sam Nunn, Democrat cd Geoma 
chairman df the Smate Anxi^ Serviem 
Committed who led the Hght agaoirt oni- 
laieral action in league w& tiie cemumt- 
tee^s rankii^ Republican, W. Warner 
of Virgitiia, warned the administraiion not 
10 take loo much coinfort from tbejresuh. 

“It means the Senate is very frustrated 
with the Bf wmia tituatira," SeiuUor Nunn 
said after the vote, “and does hot bya very 
targe majority, a^ne with titr end^rgo on - 
arms to the Bosnians. It believes iCs ooon- 
lerproductive.** 

While the Satate wants the embargo 
: ;t lifted, h has qualtiB about inqalicatioos of 
dc^i^ so un ilaio^ Dy. iodtMimg the effect 
on inieraBtioscd svppo^ embai^ps- 
fai'ored by the United Slates, induing 
one that may bc soi^t f^junst-NcKih 
Korea, he added. 

Senator Nunn saH it could be^very 

difficuiU" to hold the admuusiraticqa^s pa>. 
sitioD in a conference later this summer - 
with the House, wliich last month voted. 
244 to 178, in favor of unUateral abandon- 
ment the embaego and r^ected a pio- 
pc«al stimlar to the one adopted by the 

See BOSNIA, 5 



Crowds Cheer 
PLO Chief as 
He Ends Exile 


A$M,c rnik.y.Prr>w 

'Yasso* Arafat responding to wild acclaim Pakstihians as he crossed into the Gaza Strip from Egypt, marking his first trip to Gaza m 27 years. 

Mnumg Many in Israel^ a Grudging Acceptance 


, By Joel Greenberg 

New Y(trk Tuna Semte 

.JERUSALEM — Asaf Shani, a taU Israeli who carries 
a pi^ whea be downtown just in case of an Arab 
attack, was not particulaily troubled by Yasser Arafat's 
^val Friday in the Gsoa Strip. 

"As loi^ as he goes to Gaza and Jericho, not Jerusa- 
lem. that's Q.K.," Mr. Siaoi said after walking out of a 
. theater tidket oftice with his gjrifriead.'“He has the right 
to com& 'On a personal levd, the man is an arch- 
mtirdeier, but weSre made peace witit our enemy, and we 
don’t hav^modi choice^'' 


Mr. iSiani's remarks typified responses of many in 
Jemsatem, where the visit of the chairman of the Pales- 
tine Libtfation Organization was received with remark- 
able equanimity. It was a telling sign of a new, ^dging 
acceptance cS a man reviled here for years, with whom 
contact was unthinkable. 

The shifting attitudes were reflected in the small turn- 
out for protests aga^t Mr. Arafat's vitii organized by 
Jewish settlers and rightist parties. 

Instead of the mass action promised by organizers, 
about 300 demonstrators blowing wiiistles and chanting 
“Death to Ai^at** lined the kgbway from Tel Aviv at the 


entrance to Jenisaleia holding up pictures of the PLO 
chairman captioned with the word “Murderer.'* 

An attempt to march atop the walls of Jerusalem's 
predonunanily Arab Old Cih' fizzled when ihefev dozen 
demonstrators who showed* up were cleared away by 
police officers. 

There were only sporadic protests outside the dty. 
Settlers briefly blockeo the road from Jerusalem ro Jen- 
cho and the main highway through the Gaza Strip. 

Reports that Mr. .^rafai will not come to Jerusalem to 

See ISRAEL, Page 5 



WORLD CUP 1* 

GRANDSTAND 


‘Mmirning’ in Argantfna 

Diego Maradona, en route back to 

Aigentixm after hav^ beiBD.caugbu^ 

ing five variants tte baniied stimu- 
lant ^ihedrine and bomshed from the 
tournament, flew from DaBas to Bos- 
ton on- Friday. There the aging siqier-. 
star, who had denied having taken ptf- 
formance-enbaadng drugs, met ^ 

hJs wife arid a few friends before driv- 
ing off to another day of sedusion. 

In Argentina, the tears were still 
flowing, as were the ctmsi»racy theo- 
ries. **Tbisisadayofxnournnigforthe 
nation,’' said Federico Storani, a men> 
ber of parliameat and a likely prea- 
deniial candidate the opposition 
Radical Ciric Unioa party. “I abso- 


lutdy befieve in Maradona's good 
faith.^ 

A brinks is Buenos Aiies told a 
reporter “Everything is bring lined up 
so BrazQ can win.” 

And whom did Maradona blame? 
“HFA,** he rad. “1 thonght the rancor 
against Maxadooa had ceased. But 1 
now see it has not and it makes my soul 
ache." 

Nigerta 2, Greece O 

With everyone’s attention, including 
that oi the Nigaians, focused on Dal- 
las and the Maradona drama, a strange 
tUng happened in Foicboro, Massa- 
chusetts. “Score for God's sake,” 
yriled tte African team’s coach, Clem- 
ens WesteriKri'. And a second goal. 


scored as the game drew to a close, 
rocketed Nigeria to the top of the 
Croup D standings. 

Bulgaria 2, Argentina O 
Bulgaria wanted a victory, needed at 
least a tie, and played like it. Argenti- 
na, still in shock, played like it. The 
remit: The Bulgarians, playing a mao 
short lor the last 26 minutes, hustled 
tbrir way into the final berth in the 
second round. Argentina dropped 
from nrst to third in the group, but did 
avoid having to play dangerous Italy. 
Sahndiiy^ nwtdiM: Germany vs. Beigium. in 
Chicago. 1705 GMT; Swttzerl^ vs. Spain, in 
Washington, 2(S5 GMT. 

Staufay’s laatdwa: Saudi Arabia vs. SvMden, 
in Dallas, 170S GMT: Romania vs. Argentina. In 
Pasaderta. CaTifomia 2035 GMT. 

Worfd Cup rspoit Pages 20 ana Z1 


G-7 May Offer $1.5 BiUion 
For Shutdown of Chernobyl 


Brashj, Bitter Boycott of Swedish Bonds 


By HrUc Ipsen 

hatmaiiuaBl Haidd Thteue 

Hie bosaness of the bond xnackeu 
charted new tenitoiy Friday when cae ci 
Scandinavia’s most pwerful finanoel m- 
stiiutions announced It had sti^iped lend- 
ing money to the goywiuneat SwedM 
until Sto^olm mended its qiendthrift 
wsys* 

The boycott d government boo^ by ^ 
insurer Sfcandia immodiatriy sect Swwii^ 
markets into turmril as bonds, suidts and 
c\en the kronor all nosedived. 

The conflict between govemnicat and 
leader underlines the growing iznpoiiaace 


aS bond maricets in belping dictate not 
only interest rates but alro Ae policies of 
govonments dependent on bond issues. 

Iroiticailly. it also comes as the bond 
markets’ ti^ticmal rok of predicting fu- 
ture inhatioQ and setting interest rates 
accordingly is . being questioned as never 
before. 

In launching his company’s revolt, 
Bjont Wrirath, general director of tlie in- 
surer Skandia Forsricri^ AB, con- 
demned the grivernn^ as not having “a 
trustwmthy poficy aimed at redudng its 
detiriL” Toe coemony is one of the largest 
Infers of Swettish governmeBt dri>L 


“Skandia is not gping to buy a single 
Swedish bond as long as the Swrasfa gov- 
enunent doesn’t have a trustworthy policy 
aimed at reducing its defldt," Johan Ber- 
genstierna, head of Skandia’s group staff, 
tdd Bloomberg Business News. 

With a major buyer suddenly out of the 
market and with the fear that others would 
ft^owsrit, pressure on the government to 
take action grew intensely. At stake in the 
near term is the success of the the govern- 
ment’s planned sale on Mon^y of 6.5 

See SWEDEN, Page 5 


By Alan Friedman 

haemaaonal HeraU Tnhwie 

PARIS— The Group of Seien industri- 
alized nations are likely to agree at their 
Naples suminit meeting next week to offer 
Ukraine at least $15 biSion to finance the 
shutdown of the Cberaobyl nuclear plonu 
U.S. and European officii said. 

But officials of the European Umon say 
they are skeptical about a separate pr^os- 
al being brought to Naples by the CUnton 
adntinistration under which the G-7 would 
agree (m up to $5 billion of multilateral aid 
to Ukr^e over the next 12 to 24 months, 
to be conditional upon signs of serious 
economic reform. 

The idea of the world's richest nations in 
effect paying the government of President 
Leonid hL Krav^uk to close down the 
remaining two reactors at Chernobyl — 
wlnrii in 19^ suffered the worst accident 
in the history of nuclear power — is pri- 
marily a European initiative. 

Ukraine pledged in April to shut down 
Chernobyl, but officials in Kiev have 
changii<t their estimates of the cost several 
rlnfw^ Western Aiders are worried that 
Ukraine might go back on its pledge be- 
cause it nee^ the energy generated by the 
nudear plant. 

In recent weeks France and Germany 
have been keen to see the nuclear installa- 
tion riiut down permanently, and have 
been presring for rapid action to help fi- 


nance a complete overhaul of LHu'aine’s 
energy industry. 

On Friday, a senior U.S. official said in 
an interview that Washington was ready to 
support the European Union's Chernobyl 
shutdown plan during the Naples sumniit 
meeting which runs from July 8 to 10. 

“The EU has taken (he lead on this.*’ the 
U.S. official said. “We’re ready to back 
tbem.*' The rrffiriaJ added that (be amoum 
of money involved was SI.S billion to S3 
billion, figures confirmed by European of- 
ricials. 

At the Eurc»ean Union's summit meet- 
ing on Corfu. Greece, last month, member 

See G-7, Pi^ 5 


By Clyde Haberman 

S'ev Yrirk Tima Sfmee 

GAZA — Yasser Arafat, the fiery, in- 
domitable symbol of the Palestinian strug- 
rie for a homeland, relumed to the Gaza 
Strip on Friday, completing his odyss^ to 
territories that be hopes to turn into a 
stale: 

With tears in his eyes, Mr. Arafat knelt 
after crosting the border from ^ypt and 
kissed the ground — land that be had not 
touched for 27 years and has now come 
under Palestinian authority and his stew- 
aniship. 

The chairman of the Palestine Libera- 
tion Organization moved ^ckly to affirm 
his control of the flcririingPriestinian self- 
rule under way in bo,h teeming Gaza and 
the much smaller town of Jericha on the 
West BanL 

Within a few hours of his arrival, he 
summoned members of his provisional 
govenunent, the stiU-incomplete Paiesnn- 
iaa National Authority, to the hotel where 
he was staying under extremely tight secu- 
rity. 

And recognizing the {^mbolic impor- 
tance of the moment, be wasted no time 
presenting himselT as a prodigal son. 

In a high-speed motorcade, he l^t the 
Rafah boraer crossing immediately for the 
dty of Gaza, the heart of the coastal strip, 
whCTe he spoke for half an hour to more 
than lOO.ClOO Palestinians spread before 
him in a huge square. 

He promised the cheering supporters 
that he w'ouid help “build a new home- 
land-" 

The Israeli Army Radio reported that 
someone claimed haring seen a man on the 
stage near Mr. Arafat, carr>in| a gun hid- 
den in a camera. The Palestinian security 
chief denied the report. 

Even if untrue, it underscored the fact 
that the PLO leader is a man with many 
enemies, among Palestinians as well as 
among Israelis. 

In tacit ackoowledgemem of that reali- 
ty, he ui«d his nrst speech on Palestinian 
soil in decades not to indte the crowd but 
rather to reach out to almost everyone — 
to opponents from the Hamas group, to 
Islamic militanis. to other Arab leaders 
and to Israel, his old enemy turned peace 
partner. 

He intended, he said, to abide by the 
agreements that he and the Israelis have 
signed over the last 10 months. 

His head barely clearing the lectern. Mr. 
Arafat declared: 

“1 say to the Israeli people with whom 
we have signed a peace of ihe courageous: 
The peace needs more courage from ail of 
us m order to hold up. and we must uphold 
this peace. Just as we have signed and said 
to the heroes. The promise and oath are 
upheld.’ " 

He left no doubt that his eye remained, 
as ever, on Jerusalem. He said the name 
rhythmically three times after a litany of 
places in the IsraeU-occupied territories 
where be said Palestinians would go to 

Some responded in a chorus, “To Jeni- 
saleml To Jerusalem! To Jerusalem!'' 

Undoubtedly, many Israelis hearing 
those words interpreted them as a call for 
Pales tinian s to capture the eastern part of 
the Hdy City that Israel insists will remain 
unified and its capital for all time. 

But Mr. Arafat seemed intent on avoid- 
ing tierce language that mi^t inflame the 
crowd. He did not use the word jihad in 
connection with Jerusalem, as he did two 
months ago in South Africa, angering Is- 
ra^s. 

In fact, he did not even repeat his ofien- 
See ARAFAT, 5 • 


In Clinton Aide’s Death, Trath Is Sadder Than Fiction 


By David Von 
and Hovt'ard Schndder 

Wadoagtae Pm Smke 

WASHINGTON — .As depresaon w- 
jincd him, Viace Foster found it hard to 
ji, to rieep. He could not concentrate at 


Mewsstarwi Prices 


Andorra 9.MFF l-Oiwnbour»«^ 

frowe ■ 

Greec ^ aflft I tfg Tuntsio ....1.000 Pin 

-USSlS !j .S.«il.tEvr.lS1.10 


woik. His senM of humor dried im. His 
he^ pounded and hU sttxnach btmed. 

But the White House deputy counsel 
was d^endable to the la$L D^ite his 
fflness,^. Foster wr^aped up stray de- 
tails d hts late father’s estate and paid the 
family bills. 

.Only then did he IdQ faiiDself. 

Mr. Fosmt’s detuh last July was conchi- 
siwely ruled a suk^ ^ the counsd 

invest^ting the ^K^tewater affair. Rob- 
ert B. n^ Jz. The investigation rKolved 
many d the lingoiog no^teries surround- 
ing Mr. Festers death, Bm the largest 
mystray resided; . 

Why did the stings of Washxngtrai 
endured by so many, {xove ftial for VIs- 
ceni.W. Foster Jr,? 

Mr.' Fiske's report tells the story of a 


man stretched until he broke. As ample, 
and as mysterious, as that In the months 
sinoe Mr. Postals body was found, the 
news media hai« bera filkd with th^es 
of conspiracy and intrigue. Rumors about 
his death shook the stodc market and dog- 
.ged the president 

Aoeotdmg to Mr. Fiske, the truth belied 
all the ugly damour. Mr. Foster’s death 
was a peiionm collapse, not a White House 
scandal. 

From the pinnacle d the Arkansas I^al 
establishm^ Mr. Foster l^ped into Uie 
service of Us boyhood friend after Bill 
Clinton was elect^ presidem. According 
to Mr. Flske, the m on Mr. Foster was 
intense from the begmoing. During the 
transition poiod -—when be vetted a num- 
ber of top appoimees ~ Mr. Foster com- 


plained to his physician back in the Arkan- 
sas ^- aph al, Little Rock, of depression and 
anxie^. 

His symptoms grew worse when he got 
to Washingtoo. In Januaiy 1993, Zo6 
Baird was forced to withdrawn her nomi- 
nation as attorn^ general because she had 
failed to pay taxes for a nanny; fresh from 
his inauguratiOD, Mr. Clinton was hit with 
rharg pi ^ of cUtism and comer-culling and 
incompetent screening. Mr. Foster blamed 
hiiT.^if — the Fiske tepori shows hun 
constantly shouldering blame for mistak^ 
rpn^ ia the chaotic White House — and 
the night of the Baird debacle Mr. Foster 
was lite^y sick from a panic attaw. 

The embarrassment was even greater 

r-BT«^mS7 DA-..n a 



Kiosk 


Poles Act to Ease 
Law on Abortions 

WARSAW fNYT) — In a surprising 
move, the Polish Senate, the upper 
house of Par liam ent, naiTOwIy voi^ to 
ease the country’s strict abortion law. 
thus approving a similar decision by the 
lower house. 

But to become law the legislation 
must be signed by President Lech Wa- 
lesa. or Us veto must he overturned by 
iwo-thirds of the lower house. 

Mr. Walesa, a devout Roman Catho- 
lic. consistently has said he would I'eto 
any Uberali^tion of the current law. 
which was iniTodu^ early last year 
after a strong campaign by the Church. 


TiwfafafR) Jufanm-'. vnu' Ffdmt-Fn; 

SOOTHING WORDS — Prime’ 
Miitister Tomiiclii Murayama of 
Japan talks on poUcy. Page 5. 


Book Review 

Crosswad 

Weather 


Piq^7. 
P^e 19. 
Page 22. 


Trib Index 


Up 
o." 21.69 

C; 3.646.6S 

The Dollar 

Nm ywb. 


m 




Down 

0.39% 

110.98 


Fii.da» 




DM 


1.5966 


1.S873 


Pound 


1.5385 


1 Sa3d 


Yen 


9B.6S 


9846S 


FF 


5.487 


S.442S 


DoUarh StiO. Shaky 

The dollar lo a fresh record 

low against the yen in Tol^’o and hov- 
ered near that iev'el in New York os 
traders braced for potentially wild price 
swings next week. 

Cratral bank intervention, interest- 
rate shifts and an economic summit all 
loom as possibilities to buffet the U.S. 
currency'. (Page 91 







By U.S. in Downing 
Of Own HeKcopters 


By Eric Schmitt 

Hev York Tuna Stniot 

WASHINGTON — Two 
U.S. Air Force jets mistakealy 
shot down two U^. helicopters 
over nonhCTD Iraq in April, kill- 
ing 26 people, after controllers 
on an electronic surveillance 
plane failed to warn the fighter 
pilots that the helicopters were 
friendly, a classiTied Pentagon 
report says. 

The report disclosed that 
some AWA^ coniroUeni knew 
the Blackhawk helicopters were 
American, while at the time 
other controllers on the same 
plane were clearing the U.S. F- 
IS jets to attack. 

This added a new twist to ^e 
mystery of one of the U.S. mili- 
tary's worst self-inflicted losses 
in recent years. 

Many of the early reports fo* 
cused on the role of the flghter 
pilots, but as a result of the 
inquiry senior Pentagon offl- 
ciaJs now have to consider 
the p erformance of the control- 
lers on the Airborne Warning 


and Control System planes, 
their superiors at the ihcirlik 


their superiors at the ihcirlik 
base in Tuiicey and senior com- 
manders in Europe. 


French Act 
To Widen 
Troop Role 
In Rwanda 


Reutm 

COMA, Zaire — France sent 
a large mimber of troops on 
Friday to n^orce its military 
stren^ in soudiem Rwand^ 
where hundreds of terriTied d- 
vilians remain threatened by 
militia units I ha t side with the 
gpvemmenL 

The move came after the 
French depl^ed onder Opera- 
tion Turquoise and evacuated 
94 woun<M Rwandan dvilians 
to main base in eastern Zaire. 

A French military spokes- 
man said be did not have the 
exact number of reinforcements 
dispatched from the base in 
GcKna, Zaire, to the southwest- 
ern town of IGbuye, but de- 
scribed it as “a large force." 

More than IJSOO French and 
40 Sem^alese troops are taking 
part in the Rwanda cqieiauon 
and more troops and equip- 
ment arriving tlm week are ex- 


pected to bring the force to its 
full planned strength of 2,500. 

As word of th^ presence 
spread across the tiny central 
African nation, hundr^ of ter- 
rified dvilians, mainly from the 
minority Tutsi tribe, are emerg- 
ing froiti their hiding places and 
beading for safety under 
French protection. 

Those comix^ out of the 
bushes are survivors of a wave 
qX massacres that erupted in 
Rwanda after President Juvdial 
Habyarimana was killed April 
6. 

Aid woiiiers say as many as 
500,000 people and more may 
have bera slau^tered by pro- 
government militia. 

On Thursday, a total of 94 
wounded Rwandans were evac- 
uated by French helicopters to 
Coma from the district of Bise- 
sero, about 25 kOometers (15 
miles) south of Kibuye. 

Military sources virtual- 
ly all were TutsL The Tutsi and 
Hutu government opponents 
have borne the bnint of the kill- 
ings by the Hutu mifiiia forces. 

The French insist they are on 
a humanitarian mission to hdp 
both Tutsi and Hutu loyal to 
the government and will avoid 
con^t with either side. 


UNIVERSITY DEGREE 

BACHaOf^ ■ lUSTEtfS • DOCTOflATB 
ftrMWc UuantJteaismbBpaianea 
Timi^Car m i at H am SUc^ 
C3100471-0806 ed: 23 
Ita (310)471-6456 

FaocaMndiMaMnsuiwfcr 


FaciBc Weslm IMvHsit 

600 N. Sepuirada BM.. 23 

Lob Ano^ CA eO(H» 


Improve 

International 

Relations 






INTERISiVnONAL HKRALD TRIBUNE, SATURDAY-SUNDAY, JULY 2^3, 1994 


i / 




Series of Errors Cited 


**Multiple human error was 
responsible for this horrible 
tragedy," said a senior Defense 
Departmem offidaL 
Defease Secretary William J. 
Perry and his top mOitaiy and 
civilian aides received a three- 
hour preliminary briefing on 


Wednesday on the report. Smne 
officials said it would pin re- 


officials said it would pm re- 
sponsibility on at least dght 
people, induding two F-15 pi- 
lots. 

The ultimate decision on 
p unishmen t rests wth Mr. Per- 
ry, who is scheduled to recdve a 
full briefiim next week. Senior 
military omdals expected some 
of those re^Mnsible to be re- 
lieve of tb^ dudes and possi- 
bly court-martialed. 

A Pentagon spokesman con- 
firmed that Mr. Perry had been 
briefed on the rqxirt but de- 
clined to commenL 

The inquiry affirmed initial 



WORLD BRIEFS 


AlDSflose in Year, WO Says 


GENEVA (AP) — The «tim^ 
worldwide inoeased ftom 2J ^ 

months — a rise of 60 percent, the World HealA Organoanon 

“aJ^Saran Africa had the highest number, at 2^ mflUon. the 
UN agency added. But Asia esperieoced an^tfmd mcr^ 

from^re than 30,000 to 250,000, « said. “The gteW 
• j Asia foctM- than anvwheredsem the 


said 16 million adults and a miilion difldren^e 
1.1... ..1.A ii m wim/vlrfiriencv virus, or HIY, 


ioe rwon saia lo muuvu ouuiu ~ , £«, 

beau infected- by the bnman immunodcficiaioy wus, ot HJy, 
windb causes’ ath s, apcc the epklciiw to<A hoW to the early 


Italy’s £x 4 ]oiiuniuiist 5 Pick Leader 


ROME (NYT) -^ Reefing from electoral defe^ Italy's Dc^ 

ciatic Party of the Left, the fonner Communist Party, on Frutoy 
_, ... "i ... 1..:.-^ rvAlama M Mnlflce AchiUe 


(diose its dqiuty head, Masamo D^Alem^ to replace AchiUe 
Occhetto as 


The ballot by die party's nadonal oouhdl gave Mr. D’Alema 
249 votes to 173 for Walter Veltioni, contrary to an earlw survey 


<rf local federations pladng Mx. D’Alema, a 4^year-old pa^ 
stalwart ftuma- joDxnalist, second to hfr. Vatrom, the 39- 
year-<dd editor of tte party iicwqiapa, L’Up^ . , 

Some Itftists daacted the outcome as re fl ecting the powa of 
the party's trafitiODal power .brcAetSi. “D’Alema seea^ to be a 
little more ajcsm-ing for a certain Wpe of apparatdiik, said 
xs’aBeimn thc mayoT <rf Vcnicci. The aectiop result stiU 

iiaa to be confiiXDed.by a party congress later tius year. 

94 Die in Msdiritaiiim 

NOUi^CHOTT, Mauritania (AI5 — An Air Mauritania 

passengecpianecnahed Friday at an aupmt in the central part m 

this West African nation, 94 of the 101 peo|de-on board; 

aviation antharities said. w 

A ^Aittnrm mpeazed to be a cause of the acadent, the oSici^ 
said. But they saw^bey wercreedving'diHerat acooui^ from tte 
sce^ whidi occizr^ as the Fokksr 28 was landing at Ihhikia, to 
a ihonittamous. rraicxi of Mauritazd^ , - . . 

• The was on a ffig^t feom the cap i fitl i Nouakeht^ to 
a T iwmAi capital; theagericy said. Most if not all of to. 
mmmmmMrnnuMm tlu» Kif UfUS fiSCDCV SSlQ* 


findings that the filter pilots 
had misidentified me helicop- 
ters for Russian-bult Hinds 
used by the Iraqis. 

It also found that an elec- 
ironic ^tem on one of the 
Blackhawk helicopters de- 
signed to identify aircraft as 
fnCTd or foe was c^ieratuig but 
emitting the wrong code for 
friendly mrcraft, according to 
officials here and in Europe fa- 
miliar with the rq)oit. 

The report also examines 
how the AW ACS plane, a mili- 
tary version of a Boeing 707 
wim a rotating radar on the 
fuselage, failed. 

inside the windowless 
AWAC^ more than a dozen 
controllers and their supervi- 
sors peer at separate radar 
Kopes that track different re- 
gions. In this case, the report 
says, information that some 
rontroUers had was not passed 
along to others who were in 
:lose contact with the fighter 
pilots. 

Accidental attadts on friend- 
ly forces is one of the militacy's 
greatest nightmares. 

The Blackhawk helicopters 
were shot down in da^gbt and 
in good weather over the Kurd- 
ish enclave in northem Iraq. 
The United States and some of 
its allies in the Gulf War are 
engaged in a combined relief 
and nuUUiy operation to assist 
the minori^ Kurds in Iraq and 
to keep President Saddam Hus- 
sein’s forces at bay. 

Following the downi^ of the 
helicopters. Mr. Perry immedi- 
ately ordered a efa^e in the 
rules tot govern military cl- 
arions in northem lrac(. Offi- 
cials also began reviemng en- 
gagement procedures in other 
parts of the world. 

Immediately after the acci- 
dent, teams of investigators 
were sent to interview the fight- 
er pilots, AW ACS crews and 
U.S ground oommanders in 
Turkey, where to aircraft were 
bas^ and to review the wreck- 
and AWACS and F-15 

Fighter pilots over southern 
Iraq electronically interrogate 
suspect aircraft on many more 
identification channels than 
over to north, lessening to 
risk of attadL 

“The lesson from this is tot 
we cannot place the ultimate 
faith in electrons and tot the 
human factor mil always dic- 
tate the way things turn out," 
said Robert W. Gaskin, a for- 
mer fighter pilot who is now 
vice president of the Business 
Executives for Narional Securi- 
ty in WashingtoiL 

Investigators and senior Pen- 
tagon offid^ said the failure 
of the “identify friend or foe" 
equipment, known as IFF. was 
but one of several critical mis- 
takes in a chain of errors tot 
led to the tragedy tot killed all 
26 people on board, including 
officers from the United States. 
Turkey, Britain and France. 

The report found that an Air 
Force F- IS, piloted by a captain 
in the lead pemrioo, shot down 
the first helicc^ter after his 
squadron commander, a lieu- 
tenam-colond, had flown close 
and visually determined that 
the helicopters were “hostile." 

About 20 to 40 seconds later, 
according to witnesses on to 
mound, the second F-15 shot 
down the other Blackhavdc as it 
was trjing to land 


GEKMANY INAUGURATES PRESIDENT — Runan Herzog, left, boi^ swwn in Frid^ at tfae Reidfiti^ in 
Berlin heiore Rita Sussmirtii, presdent of the lower bouse of Pariuuneat^ and Klans Wedemeier, i^fat, imsideiit of 
the upper bouse. Mr. Herzog, 60; is the country’s semidi postwar premd^ and succeeds Kdnrd von Wozsicker. 


Ina Switch, U.S. to SignPacton Sea Use 


By Stevea Greenhouse 

Net* York Tma Sencr 


WASHINGTON — After two decades 
of on-again, o£f-^ain nidations, the 
United States has announm It will si^ 
the Law of the Sea treaty, which Republi- 
can adminis trations condemned as hostile 
to free enterpriser 


chief U.S. negotiator. “We have converted 
to seabed part of the a g reement into a 
market-based r^jme." 

Many Pentagon officials were eager for 


the Umted States to ratify the tre^ be- 
cause it gua^tees ships to right to pass 
throu^ straits vdiile specifying that coun- 
tries have full sovereiga^ tq> to 12 miles 
(20 kflometers) from their shores. 

Administratian officials said tb^ b<^)ed 
th^ could win Senate cmifinnation over 
to next few months, but they acknowl- 
edged tot some Rqiublicans would prob- 


Secretara of State Warren M. Christo- 
pher said Thursday that Washington had 


n^tiated changes that made to treaty 
mom friendly to buriness. 

The tiea^ sets comprehensive rules on 
seabed minmg, fishing rights, oil explora- 
tion, conservation, sdenrific research and 
other matters. 

Sixty-one countries have ratified the 
treaty, which goes into effect in November. 

P^dent Ronald Reagan rejected the 
treaty in 1982, saying it violated free-enter- 


ably oppose it 
(^onsOTarive 


prise prindples 1^ requiring mining com- 
nanies to Day hefty royalties and also to 


panies to pay hefty royalties and also to 
share technology to tidp countries tot 
rauld not afford to do such mining. 

“We have been successful in fixing all 
the major problems raised by the Reagan 
administration," said Wesley Scfaolz, the 


CorisOTarive groups said Thursday tot 
even the amend^ version places too zhany 
burdens on business. 

“I think to Senate has a du^ not to 
ratify it." said Doug Bandow, a senior 
fdlow at to Cato Institute who was a 
special assistant to President Weapon. 
“^s treaty comes out of an era v^en 
socialism nded in the Third World and all 
the talk was redistribution of wealth “ 

In negotiations tot ended early in June. 
Washingum persuaded other countries to 
delay establiming royalty payments and to 
drop production quotas that the treaty had 


set for private seabed-mining conqianies. 

Mr. Scholz also said the United States 
and other industrial countries would have 
a veto over decisioas By the new Zntema- 
tinnfli ^bed Authority based in Jamaica. 

Testi^^ to to Soiate ForeigD Relar 
tions Committee, Mr. Chx&U^ner said: 
“It’s an extremely mqiortant treaty and I 
rfiinlc if s very desirable tot we have been 
able to obtain from to other membos 
satisfactory amendmeDts to to seabed- 
mining provisions that enables us to ap- 
prove the treaty as a ^x>le." 

The Law of the Sea treaty has created 
disputes between rich and poor countries 
berause of its underiying premise that toe 
oceans and toe seabed are a common heri- 
tage that must be shared thixMigh a *^ust 
and equitable economic order." 

Washingum offidds say the amended 
provisions seek not to redisCribule wealth 
but rather to create incentives for nrining. 

Mining conqianies would no longer 
have to pay $1 a. year lor seab«i 

eiqiiorauoii ri^ts. The negotiators pu- 
suaded poorer nations to provisions 
tot would have required tramf^ of min- 
ing tedmology. 


Yemenis Break Anoth^ Cease-Fire 


SAN*A, Yemen (AP) — Troops of northem and soothem 
Yemen fou^t Friday with aitiue^ and rockets around toe 
southern stronglKdd oi Aden, breakmganother cease-fire m toe 
civil war, dmkmiats said. 

The Mbsoow-bidcered truce was- toe eighth that bad been calM 
amoe the war began May 4- All prevjoits truces broke down within 
hours wito each ride aocnstiig -toe otbo'trf being the first to c^>en 
fire. 

The ceasefire 00 Friday collapsed within, an hour when norto- 
em forces fire with artiflery and roedeets on /ulen residen- 

tial areas, aocoeding to toe Aden News Agency. ‘'SSnee 7:30 this 
fiinmrngj .tha gan*pTftrees pnisned their bmtal assaidt operations 

to advance in the dizectioa of Aden,’’ the ageiKy said. 


U.S. Base Takes 500 More.Haitians 


' GUANTANAMO BAY, Cuba (NYT) —Coast Gu^ cotters 
delxve^ 500 more Haitian refugees here Friday, bringi^ the 
total to 1,956 anftft the caonps opened W^ednesday at this U.S. 
navid outpost is soutiieastem (^Im. Hundreds oiore remained 
offtoore aboard U.S. ships waiting for shdter to go im. 

The Coart Guard into^ts abom UXX) Haitians a day, and toe 
Haitians are flowing m faster tlum to 1,700 soldiers can pitch 
tents. The army officer in ooiDBiaDd the task force here said the 


Russians in Estonia Feeling a Local (lull 


cai^ «mhl reach thdr limit 12,^ witl^ days. ^ 

Haitians here sav to combination of increased economic sane- 
tkms againrt milhaiy r^me. heightened t^presrton by to 


’'refugees 


rickety boats. 


By Steven Erlanger 

JVew Yortt Tima Strvko 


TALLINN, Estonia — Esio- 
n i a ns have turned off to eter- 
nal flame at a Soviet-built me- 
mmial honoring people who 
fought toe Nazis in World War 
n, and th^ have removed “for 
cleaning” the plaques bearing 
toe names o( war dead 

Pavel Voronin, who com- 
manded a ^iet anti-aircraTt 
battery during to war and re- 
tired from the army at 65, seems 
shocked at everything in Esto- 
nia, v^di is once again sover- 
eign and r unning toward toe 
West as fast as it can. 

The mothballed memoiia] es- 
pecially appalled him. 

“Now toe Estonians say we 
shouldn’t have bothered de- 
fending them, as if they would 
have {neferied it under toe Ger- 
mans,” Mr. Voronin said. 
“They’re forgetting bow much 
we helped them." 

Estonians do not recall their 
decades under Soviet occupa- 
tion with gratitude. Many thou- 
sands of Estonians were killed 
or dqwrted Russians and other 
loyal Slavs, like Mr. Voronin, 
were sent to crush the Estonian 
state, dilute the population and 
bold to ground for the Soviet 
Union. 

Now, non-Estonians, most of 
thm etlmic Russians, make up 
about 77 permt oi toe popula- 
tion of 1.0 million. 

To make a gesture toward toe 
three pluclty Baltic nations — 
FiBtnnia, Latvia anH t i thuania 
— President Bill Clinton wOl 
stop in Riga, Latvia, on July 6, 
toe first U.S. pierident to visit 
toe Baltic rqiublics since the 
cdUqise of toe Soviet Union. 

He will find a furor in Lartia 
over questions of dtizenship 
and language li^ts of to Rus- 
sian pt^ulrtion, the same ques- 


tions that are so prevalent in 
neighboring Estonia. 

Now 75, Mr. Voronin feels 
out of place in to new Estonia. 
But that is precisely the point 
the Estonians make — he is 
supposed to fell out of place. 
The Estonians have made their 
own language dominant again 
and Russians who want to be- 
come citizens must show a de- 
gree of competence in iL 

Written Russian is slowly 
disqipearing from the streets 
and English is toe favored for- 
eign lanfflage in schools. 

There are some local Rus- 
sian-language newspapers, but 
the main Russian television 
channel. Moscow-based Ostan- 
kino, is no longer available to 
everyone, supposedly because 
of the cosL It IS still oftered to 
those 60 percent or so irith ca- 
ble. 


Nina Makarova, 61, is stucty- 
B Estonian to try to pass to 


ing Estonian to try to pass the 
citizenship examination, and 
said she feels stupid trying to 
learn a language at her Sbe 
never bothered before. 


Mr. Voronin’s wife, Valen- 
tina, said: “We’re no longer 
sure oi ourselves here:*’ 

Her hutoand, who belongs to 
a dub of army veterans, says 
most members go to dab with- 
out their medals: ^They’re 
afraid to wear medals in public. 
People swear at them. They 
used to throw flowos at us. 
Now they throw words.” 
Deqiite the con^laints, most 
RuSsiaziS are wwmng to tgirns 
with toe new Estonia, where 
nearty all have toosen to stay. 
Many ethnic Russians do not 
have any dear place to go in 
Rus^ they say, but they also 
admit that this is a cleaner, 
more modeni place to live and 
that to economy is modi bet- 
ter. 

Nflcolm Yugantsev, 44, is 
head of the Rqiresentative As- 
sociation oX toe Rusaan-Speak- 
ing Population, with offim at 
toe Tallinn Garrison’s Officers 
Oub. 

He says that only about 
4^000 ethnic Russians in Esto- 
nia have chosen to become Rus- 


sian dtizez^ vriiile 65,000 were 
already entitied to Estonian 
irenship even though not all 
have t^en il Tbe rest are dan- 
gting betwixm the two' countries 
or planning to be naturalized. 

After the December 1991 col- 
lapse of to Soviet Uruon, Esto- 
nia idnstituted its pmr/ar dti- 
zenship laws, which set 
oonditiCKis forzum-Estonians to 
beco^ dtizens. Those who are 
neither Estonian nor Russian 
citizens are oonadered in Esto- 
nia a fonn of resident alien. 

“Estonia wants to push them 
out but Rusria is not eager (o 
have them back,” Mr. Yugant- 
sev said. Estonian offidals deny 
publicly they want to rid <» 
the Russians but in private they 
just shrug. 

Russians are less wonied 
about dqportation these days, 
but there are a lot rumors 
and bureaucratic proUems, es- 
pecially about tiara documents 
for leaving and r e tarnii ig to the 
country, and also toe need to 
pass Estonian-language tests to 
keq> their Jobs. 


TRAVEL UPDATE 


Canada Bans Smoking on All Flints 


OTTAWA (AF) — A smoking ban that covers all fligiits on 
Canadian oommefdal airiines wait into effect Friday. 


Only one airiine-s flights to Jqmn are exempt, and only tempo- 
laj^. The federal governmoit da Tbunday granted ranattinn 
Airlines an extezirion until toe end oi August so it can honor 
tidoBts already sold to smokers. 

The ban makes Canada tofizst country in to worid to outlaw 
smoking on all domestic arid international flints. • 

Iran Ahr has iintoriatod its first schedhleJ pa tonger smice 
from the Nethcriands, a ^keaman at Amsterdam’s Scfaiphol 
Airport said Friday. Weddy ruastop passenger flights to Tehran 
on a Boeing 747 depart Sunday rrioriiings. (AP) 

. SlimaygMVicecamfttnalidt hi to Armenian napital^ 

OH Fridqr os eagineeis b^an a thiee-day strike. . (Reuters) 
A pn^osal to ban amoldog on a strrtdi of beach at.the British 


resort^ca Bdumemouto.has "been rdeded by a town coundl 
committee. Under the plan, 100 to 2 (m yards the town’s seven 
mfles of beaches would have been dragnated as a nemanaftirinp 

(Reuters) 

GanriNuKa has qnrared a S5B0 onHon to be built on an 
island oH to sootneni coast, 'Tourism Nfinister Verm Sereyvuth 
said Friday. An intematiOTal aiiport wSB be bi^ at^anoulmlle 
to serve as a gateway to to casmo, he said. . (Reuters) 


Airbus Test Flight Was Too Low at Time of Fatal Maneuver 


TOULOUSE, France — A wide- 
body Airbus A-330 that crashed <»i a 
trial flight, killing seven crew mem- 
bers, was flying too low ^4ien it went 


crew, vtoidi reguned control of the 
plane, to avoid impact with the 
ground," he said. 


through a series of ctunpulsoiy tests, 
to head of toe European Airbus In- 


to head of toe European Airbus In- 
dustrie conSOTtium said Friday. 

“This trirt was dmie irf e xtr e me con- 
ditions. notably at an altitude of 400 
meters instead of 2,000 meters," toe 
officiaL Jean Nerson, said at a news 
conference. Those lower height is 
1300 feet 

“This altitude did not allow toe 


The crew was testing an automatic 
pilot in a trial sequence that lasted 60 
seconds fitmi to A-330's release 
brakes to its fatal crash at the end of 
the Toolouse-BI^nac airport runway. 


The trial consisted of putting the 
plane into a sleep dimb at low sp^ 
after take-off, gtirmlgting an engine 
faflure cutting off a hydraulic 
dreuit rdated to to engine. 

Airbus said the trial was compul- 


in <»der. to meet mandatory certffica- 
tion requirements for ^^eather 
lan^ng s with the U.S.-made Pratt & 
Whitney gngmea. 

“In about two wedcs* time, we will 
decide ubether to repeal the lest im-. 
der less extreme conditions,” Mr. 
PiersoQ said. There was. no evidoce 
that to autopilot needed to bemodi- 
fied, he add^ 


failure of tbejeft en9iie,^bDl too late 
to ainrid to crash. • 


Because to A-330 was a test plane, 
it carried in stre u n en ts that transmitted 
fij^tiofttiiiatioa to aground station, 
vtoidi allowed ein>^ to start analy^ 
iog toe ciato mmont having to. wait 
for the “Made box” fli^ recesders, 
Airbus said. ; . 


He said Airbus’s Britito chief test 
pilot, Nkk Warner, had retaken con- 
trol of to plane after the simulated' 


. A teani of 40 investigators was try- 
ing to duKOveridiy mxrope’s biggest 
tvTO-eiime jet oashed in 

the lOto fatal aoddait involving an 
'Ahbus in ax years. ' 


To call from country to country, or back to the U.S., dial the WorldPhone number of the country you're calling fnjm. 


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cmBNmONAL HERAU) TRIBUP«E, SATURDAY-SUNDAY. JITLY 2^, 1994 



Page 3 


AGRANP 





ma 




•■•0. 


■'AX 




** jy 

>r '• 


By Thomas W. Lipp mati - . ' ■ . 

mAo^idn Aw Snrvirr 

Oiaion a^taUtia- 

conaMmcv^i.?52L2J^*®“ criiiciarf as ladd^ 
^ and Oh.. 

theme ^ to emerge: “cr^ prSyea-; 

Saj^ of State; Wairoi M. Christt^ first. 

bis ^ when asked to outlihe ibe prioiities'that 
^“dd^de^^a&nmis^^ a (^u^postr . 

^ Rfr.Qmstdphcr'aiBdothw ' 

seoior officials, is to lecognize and head off luuxisiu- •• 
taMn, environmeDtal, pdlidoal or miKMiy crises 
beiOTe they explcxle, ' 

The ihero surfaced most recently at a White' 
Afdca this week, when Ptesi- 
SSii/SriJr^®*?^ administration tv^d 

^vel^ new poheies to “hdp the nations of Africa 
id^y and solve proUems before they enmt”. 

in*s IS not the grand strati^ that the adniinistiw- 

Dooi s oitics say it does not lmve,'but'adn3ini5tfafioD 



World: Putting ^Crisis Prevention^ to Work 


officials find it useful a$ s nny of thinkiog about a 
c^uaim woild. - . 

' For toe firat • IS emiS’plagued, pratfali-filled 

tenure, this ^>proach 
wasTinosily veibui^ and oblswred by argnmeots 
o^lScmm Bofinia-Heszege^^ end otba trw- 
hiespots. ^ 

Bw now fhere are a fw places vdiere it is being 
tn^tedbtoacdon: •./ 


■ V'A!, At the Agency fOr Intenuitional DevdtqnnenL 
. vdiece the Erector, X Aian Atwood, is trying to 
^inofaSlize an intematlCKial:^^ to ^bat a masave 
- fas^ pcc^^ fer in (he Kw 

Ximioa] is m *^^>i)e6E^ehtfore tb^ leaw 
hranes, IdO th^Itvesudcand eat -their seed," Mr, 
Atwood-si^-i^th saieffite jiito^ showing condi> 
■fioQS of lU^ faz^QA die agency 
to lOOyOOQttmsdf eineisauy foddresonT^ 
ed for nes|t year to-be Suited to the t^on. 

• At the Defense D^taiUnent, yduch is devdop- 
ing a ^counteiprdliferaiioa initiativ<r aimed at pre-' 
venting potmtialfy hostile nations from acqmrii^ or 
devdopmg weaptms of.nuss desovetion. 


The Pentagon is planning to spend about b4UU 
xmUion next year on programs such as the develop* 
ment of nonnuclear weapons capable of destroying 
deq> undeiground bunkers and w remote sensed to 
detect ibe presence of chemical weapons. The t^ec- 
tive is to persuade threatening nations that acquisi- 
tion of weapons trf mass destruction will not ^ve 
them the baiti^ield advantage they anticipate. 

• At the Anns Coc irol and Disarmament Agency. 
- where negotiators are trying to round up support for 
Mr. Clinton's proposed treaty banning the produc- 
tion of plutonunn for nuclear weaptHis. 

• In the State Departmem's new global affairs 
unit, directed by Undersecretary' Timothy E Wirth, 
vddeh is supporting an international coiuerenoe on 
population scheduled for Cairo in S^tembm-. U.S. 
^xnding on population “stabilization" programs 
can be eispecbed to dnible from the current S500 
million a year, Mr. Winb said. 

C(»g]^ agreed to create the global affairs unit at 
the adnunistratiaa's request Its mistion is to devel- 
op multinatimial programs to protect the environ- 
ment, aid refugees, reduce narcotics production and 


encour^e indigenous self-help groups in developing 
countries. 

One obvious fla«' in a crisis-prevention approach 
is that it protides no guidance on bow to rested to 
crises that do occur. «ich as the war in Bos^. 

Another is that tiiere is ve^ little mon^ available 
for aid programs. The United States is now last 
amongZI indusuialized nations in the percentage of 
g^s national product devoted to foreign aid. be- 
hind Ireland and New Z^and accor^g to a new 
repoft by the Organization for Economic Coopera- 
tion and Dcvdopnieni. 

But Mr. Chiistc^her. Mr. Wirth, Mr. Atwood, the 
White House national security adviser. W. .Anthony 
Lake, and other officials have said that crias^re- 
vention stratc^es can be ^ective in the posi-Cold 
War era because it is possible to organize programs 
r^onally. instead of country by country. 

"The t^allenge of dipiom^ is to anticipate, and 
toprevent, the crises of the funire." Mr. Chiistopher 
tcMd a House subcomnuttee in March. 

"Compare the cost of conflict resolution in the 
fmmer Soviet Union to the price we would pay if the 
region were consumed by war," he said. "Compare 


the cost of diplomatic action to curb the spread of 
nuclear weapons to the price we would pav if rogue 
states engaged in nuclear blackmail. Compare our 
share of the cost of UN peacekeeping to the price of 
unilateral miliiary aciion. And compare the cost of 
promoting devel^ment and democracy to the price 
of famine and human di^lacement" 

Mr. Christopher noted that these efforts "do not 
always make the from pages. 

"But that is to some extent a tribute to their 
success; A crisis averted is rarely reported" 

Critics find such assessments'seif-congratulatory 
and not necessarily justified. 

For example, adminisiration officials list among 
thrir crisis-prevention initiatives Deputy Secretary 
of State Strobe Talbott's long-shot campaign to 
persuade India and Pakistan to curtail their nuclcar- 
weapons-development programs. 

But the United States has been pursuing that 
ofcgective for 20 yean, and Mr. Talbott went to 
South Asia only after the adminisiration bad infuri- 
ated India by failing to send an ambas<Lador for a 
year, while publicly offering lo deliver new combat 
jets to Pakistan. 



Bloody Dog 
Led to Seme 
Of Simpson 
Slaying 




/teuurs 

LOS ANGELES - Two wit- 
nesses testified Friday that a 
blood-splattered dog Mongmg 
to OJ. Simpson's former ^e, 
Nict^ Brorro Simpson, had led 
them to her body. 

Appearing on the second day 
of a court hearing to dedde 
whether Mr. Simpson, the actor 
and former footl^ star, will 
stand trial os douUe murder 
diaiges, Sukru Boziepe and 
Bettina Rasmussen said they 
were led to the murder scene 
near Mrs. Simpron's home 
shortly after midnight on June 
1 3 whra they wm^e trying to find 
the owner cu a lost 


Sril/A> wicc r i w c- P i * .' * 

FM GoldhlmI^ vAose SOB Ronald was one ^ the victinis, at the Simpson case 1^^ 



Health Plan Clears Obstacle 

ii^ut the Oudo<& Looks licoiibfed for Clinton Reform 


> • A f , 1 r* 

• ‘ , i < 








By Robin Ttmer 

Ht» Ytrk Tlaea Senfev . 

WASHlN(7rOM —In a ma- 
jor victory fix the Wlute House,- 
tbe House Ways and Means 
Committee tqpproved l<^gisla- 
tion that promises health insiir- 
anoB to emy American and re- 
quitea their empkipeni to p^r 
for die bulk of its costs. 

But the narrow 20^u>*l8 vote, 
adiieved withmzt the s< 9 pcxt of 
a ai^ RepnUicaa after' a 
fiero^ partiM d^te^ si^ 
naled the ^EScnl^.diead ios 
ftesideat.BDl Qin^' in his 
struggle to overiiaid the h^th 
care system. 

And there was another' bad 
oomn for the modern ftom the 
Senate: TlmFinasoe Ccaiiaak: 
teei, still at wodc on its own bill^ 
sdid^ rqecled tlte idra of 
ting a new requiraneat on dn- 
ployets to pay lor tiieir workers* 
insuram even as a bedcup if 
vc^taiy measures fail to meea 
the goal expanded coverage. 

The Finance CommiTtee 
vote, on a proposal Senator 
Dar^ Pariick blojaubaii, die 
ptmei's cbaiiman, was 14 to 6, 
trifh five DemoGiam joining th^ 


.dent phoned his congFatnl^ 



.into the chainnaa's job last 
mdndx after the mdictesent of 
Rqueirentative Dan Rosten- 
kos^ <d XUinois on 
chnmes. 

Tne Home Ull, after more 
than a month of deliberatitm 




PKwtfwi hatTerf thc 

^aote by the Wm and Means- 
CcMzumttee late Thursday ar “a 
giant stride forward on dierMid 
to con^rehenave^hi^lb care 
for an Americans.* Moments 
after the exhausted committee 
completed its work, the pre& 


central pnacQiles pot forth by 
the president: ludversal covei^ 
^ and the -xequixeinent that 
ert^fojm Bssui^ 80 percent of 
ib cost f(x their woriEers. : 

■ Bnt the conmntte^s bill hu 
its oim twist: It proposes the 
tatpuhsion ol Medicare to create 
.a. “safety-net progr a m" that 
would be available to buriness- 
es that esreioy fewer than 100 
people orramviduels who do 
notnaveaccess to healA covtf- 
agelluo^work. 

.. “This SU, 1 1 ’bwiig, wOl an- 
swer vdiat Americans have been 
acting for for a longtime,'^ Mr. 
Gibb^ s^ ‘'gnunnteed ac- 
cess to she heallb care ^tem, 
the kind of access that can’t be 
cpficd^d or taken . away from 
them, and the one that they can 
didr customary w^, 
th^ eoqdoyer.- 


m 


■ PenttoFynidaFonim 
; SSckardL SerkecflheNew 
York Times reported from 
Wadanffdn: 

Ross Beret has offered the 


>ubSdui Party at lea^ SI 
Bern ddUus to produce a na- 
tion;^ televised program to 
critii^ Mr. Qintem’s health 
care plan, according to Repub* 
hcanoiffidals. 

The ctffidals said they were 
near agreement with Mr. Perot, 
thoo^ they have not offiedaUy 
accepted bis offer. The program 
would be one hour or longer in 
prime time. While its ermtent 
would be deternnned by the Re- 
puMmsss, Mr. Perot might ap- 
pearinit 

Mr. Perot, wlto has faded 
from public view in recent 
months, has been rebufied in 
recent efforts to buy time on 
tdevision networks. An ar- 
FBttgemem with the Republi- 
cans would allow him to oe^ 
restoring his image by seiznig a 
platform on the most taUcM- 
about issue m the cai»taL It 
wmild also serve as a nod fimn 
Repubheass that Mr. Perot, 
who ran as anindqiendent can- 
didate for president in 1992, is 
still a ptihocal force. 

For Republicans, in addition 
to the mon^, an aTHance with 
Mr. Perot sught give the pa^ 
an proortnmty to b^m wis- 
smg back many Republicans 
who voted for Mr. Peret, a bil- 
licmaire xrix> eampaigngd with 
an anti-Washington theme. It 
heb 
At 10 


itotiieiighti 
a body. It 'uas woman laying 
down horizontally all the way 
to the path. Her face was turned 
to me cm the right side." 

“There was a lot of blood," 
the witness added. 

The dog, a laige white Akita, 
later prov^ to be Nicede Simp- 
sem’s. 

Ms. Rasmussen said she only 
locked at the body Cor a second. 
“It was such a big shoric. 1 
turned around very fast," she 
said. 

Both witnesses were shown a 
picture of the murder scene 
showing Mrs. Sixnpson's body, 
hfr. S^son, sitting at tiie 
fense tal^ also was able to see 
it and became upset, taking 
breaths, sii^bing heavily 
. wqnng hb hand across his 
face. 

His attorn^, Robert Sba- 
his iirit arm around 
3*s shoulder to com- 


ftxthim. 

Mr.! 
guilty to 


not 

murdri' of his 35- 
yoTKdd former wife and her 
friend, Ronald Goldman, 25, a 
waiter and aspiriim modd. 

Both were stabbed to death 
outride hbs. ^mpson’s apart- 
ment late at ni^ on June 12. 

Another witness, Steve 
Schwab, said he was walldnghis 


dog at 10:SS P.M. when he spot- 
ted f 


down s u ppoit for the Demo- 
crats’ bealih-care i»oposals. 






AMERICAN 


TOPICS 


ftinim ffr Safety!^ for 
Feziee 1 b Iliat 


Chsldrenunder the age of S are 14 times as 
likdy m dfe m a swinuningpool as m a motor 

vehide, The New York Tmies reports. Too 
many pec^le with testdential ^Is rely on 
a/tBWww tioM about sot going near tbe pool 
alone, tbefalse securiQr cd swmunmg lesspu 
and flotation and the tjitxn. mia^dr 
ed h^ef that they win watch- clo^ and 
^ctantly wl^ a diild is in or the pooL 

The Consumer Product Safety Comm^OT 

says a fence or comparable barrier completely 
nrrounding (he is the beri preventive, 
reducing the rid: of pool drownings by abwt 
70 pereeit. It isjust as importaai to f^ m 
an above^roBod pod as a grcmnd-l^ wl, 

'* sinreaSiBehadSneasaycbnibtheladdcr 

and fall into the water. ^ . v- 

A fence at least five feet (1.5 mew) hi^ 
vrith vertical sla» and no footholds or hand- 
holds, is recommended. The of the pod 
fence should close automatically, open away 
from the pod and be- secured fy » 
jaichingmeSaaismto 
smaO tmiUhen.- ' ' j-i i "j' 

Port covers also are recommended. And 

mtfit be watched constantly by a le^naTiIe 


jw/i wdMnfbnned caretaker. A momeat's 
iftfwg can reeli disaster. Never assume that a 
rawiri who htt swimming lessoos or is 
uring a flotation device can safely be left 
imaftend ^ even just to anstw the dooT. 


Short Takes 

Tpa^M^ft ^ yoiMyaiMea gMihegiiedforalleged- 

ly taigeting teenagers in tlusir advertiring, the 
Califm^amxeme Onirt has ruled. So JaiMt 
xsang mi of Sre Fiandsco can proceed with 
her lawsdc against tiie ILJ. Reynolds Tobac- 
. CO Co., she accuses cf 

jag children with its hip Joe Camel ma^t, 
*m Kiawwed on Items ran^ng from Trturts to 
soda can hdderB. Mis. Mangmi dajms the 
ads encourage nnnrns to smdte— a violatum 
of California law. The company argued that 

only rite federal govenunent could r^ulate its 
advertiring. The court disagreed, saying that 
federal law does not ^ states from control- 
ling ciprette pixmiotioQS. 


Leariia’ riioes irife nang sti^tes have dom- 
inated tbe athletic footwear maiket for a 
couple of decade^ but tbe classic Jack Purcell 
ghfte, made of canvas and free <tf radim 
stiq^ is malting a comebadi;-The New Yonc 
Times iqiofts. Named after the Canadian 
who was worid badmintoa diampion irmn 
2^2 (o 19^ manufactured 1^ Converse, 
Jade PwneD features a la}ttfed rublwr foe 
eyrqnitirjg BCfOS the top of the shoc^ Burt 
Holland, a New York shoe buyer, says that 
“sales are up about Vi percent ovtf last year." 

Jjueniiuknal HeroUT/ibime. 


the Aldta. 

He said the d 
Stated and 
four paws. 

He said the Aldta followed 
him bc^ and after he had pat 
his own dog in his apartment he 
tried to the Aldta for a 
w^ to find its owner but tbe 
dpg resist^ 

Around 1 1:40 PM. Mr. Boz- 
tepe came home and found Mr. 
Sdiwab ritting in the pool area 
oS the apartment oon^leg; with 
the laxre white dog. 

Mr. Bozt^e said that be and 
Ms. Rasmumen had agreed to 
ke^ the d(% ovenught and take 
it to an animal riieiter the next 
moniing. But it became veiy 
distressed vriten they took it to 
their apartment and clawed at 
the dooff to get oul 

He said tl^ around mtdni^t 
he and his irife derided to take 
the dog for a walk to see if it 
would wad them to its owner. 

In another devri^ment in 
the case, sealed evidence was 
produced in the courtroom. 

The municipal ju^ who is 
conducting the jxetrial heaiiog 
Kathleen Kennedy-PoweD. an- 
nounced that Mr. Shamro had 
met in private with a ^perior 
Court judge, Lance Ito. She said 
that he hu to repoint a 
retired judge, Dribert wong. as 
a “^ledal master to accompany 
cou^ for the defezriant tore- 
cover certain itmns of real evi- 
deoce, to place any aich real 
evidence under seal and return 
any items to this court" 

“Jnd^ Wong recovered cer- 
tain items relmol to the mat- 
ter," said Jui^ Kennedy-Fow- 
dL “Th^ are in the envriope 
here that 1 am holding to my 
hand," riie added, tol^ng up a 



^'ected. Judge 
dy-Fowell said rite would make 
a derision aftm* seeing motions 
firmn both sides. 


;; 1 — .—.y 






POLITICAL NOTES 


Jail Gave ‘VfsSon’ to Mayor 


W.aSHINGTON — The romer Dis- 
trict of Columbia mayor. Marion F. 
Barry Jr., says that (he time he ser\-ed in 
prison on a drug charge helped make 
him "uniquely qualified" to be mayor 
again because he used it to reflect on 
what had gone wrong in his administra- 
tion and what he could do better in the 
future. 

"I now know w hat didn't work right." 
Mr. Barry said. "I have a very good idea 
of what needs to be done in terms of a 
vision for the city, I ba\e the energy, 
exjtericnce. wisdom, tenacity, coura^. 
insight," he said. 

Mr. Barry', during a lunch with Wash- 
ington Post editors and reporters, called 
his recovery from drug and alcohol 
abuse "remarkable." He said he now has 
a new lifestyle that includes prayer, a 
psychoanaly'&t, a new. wife and atten- 
dance at Alcoholics Anonymous meet- 
ings "periodically" or "one a week, 
when 1 can make it." 

Mr. Barry contended that he is the 
most qualified of thc candidates running 
for mayor, including Mayor Sharon 
Pratt Krily and a veteran at-large coun- 
cil member. John Ray. because running 
the diy "is not a job for a novice." 

Mr. Barry served three terms as may- 
orfrom 1979 to 1991. He was arrested in 
a 1990 FBI sting operation in which he 
was videotaped smoking crack cocaine 
in a Washington hotel room. flt'P/ 


saiaiors said they would filibuster Con- 
gress's big anti-crime bill if it included 
“racial justice" provisions, and pro- 
posed that billions of dollars the Demo- 
crats have earmarked for crime preven- 
tion should be used instead to build 
more prisons. 

They also urged that proposed curbs 
on the manufacture and sale of semiau- 
tomatic assault weapons, which were ap- 
proved by both houses, be dropped from 
the final v'ersion of the bill. 

Thc leader of the minority Republi- 
cans in the Senate. Bob Dole of Kansas, 
charged that House-approved measures 
intended to prevent racial bias in death 
sentencing arc "a back-door effon to gut 
our nation's death penalty laws" and 
called for their rejection by a House- 
Senate conference that is drafting the 
final version of the bill. 

Asked if Republicans would talk the 
whole bill to death if it includes any 
racial-justice provisions. Strom Thur- 
mond. Republican of South Carolina, 
said. "The answer is yes.” 

The Senate went on record rccentiy as 
opposing the House racial-justice lan- 
guage. 58 to 41. It takes M votes lo 
break a filibuster. ( i\'Pf 


Fund released television, radio and prim 
ads to educate tbe public about domestic 
violence and way.s it can prevented. 
Thc campaign carries the slogan. 
"There's no excuse for domestic" vio- 
lence.” 

One ad. u'hidi shows the blurred im- 
age of a woman cowering under a man. 
carries the message: "If the noise coming 
from next door were loud music, you'd 
do something about it." 

The San Francisco-based Family Vio- 
lence Prevention Fund began planning 
the campaign before the arrest of O.J. 
Simpson in the murder of his former 
wife. Nicolc Brown Simpson, and her 
friend Ronald Goldman. But revelations 
of Mr. Simpson's abuse of his wife un- 
derscore the importance of intenening 
early, said Esia Solcr, executive director 
of the Family Violence Prevention 
Fund. 

"We don't intervene because we think 
it's a private matter.” she said. ’'A fam- 
ily matter. None of our business. We arc 
wrong. ‘Domestic violence is our busi- 
ness. And if we remain silent, our silence 
will breed even more fear and continue 
curating a sanction for abuse." ( li'Pi 


Guote/Unqnote 


Fighting Domestic Violence 


niibuster Vow on Crime Bill 


WASHINGTON -- Key Republican 


WASHINGTON — A national cam- 
paign to end domestic violence, modeled 
on similar erforu to curb drunken driv- 
ing. has been launched, with its sponsors 
arguing that thc problem cannot be seen 
as a private matter. 

The Family Violence Prevention 


Sam Gibbons, acting chairman of the 
House Ways and Means Comminee. on 
the health reform bill: "This bill. I think, 
will ansu'cr what Americans have been 
asking for for a long time — guaranteed 
access to the health care system, the kind 
of access that can't be canceled or taken 
away from them, and the one that th 
cun get in their customary way. throuL 
ihcir employer." 


Away From Politics 


• A ju^ awarded $529,836 plus benefits 
to a Vassar College professor whom tbe 
judge ruled was unfairly denied tenure 
because she was marri^ as well as be- 
cause of her age, which was S3 when she 
applied for tenure. U.S. District Judge 
Constance B. Motley said Cynthia Fish- 
er was unfairiy denied tenure in 198S by 
the school in Pou^repsie, New Yoik. 

• Tile ptaoe crash (bat killed 23 soldiers 
and injured 100 at Pope Air Force Base 
in North Carolina on March 23 was 


130 transport collided less than 300 feet 
above tbe ground. 

• A crash test dunoiiy that rq)Fesent5 a 
woman sevim months pr^am has 
developed by the auto industry. "This 
one is probably the last member of the 
family to be studied in crash tests," said 
David Viano, a research sdentist for 
General Motors Cmp. The dummy is 4- 
foot-11, 110 pounds, and in the seventh 
month of pr^an^. Inside is a dununy 
fetus suspraded in urethane gel that mi- 
mics amniotic fluid. 


of State University New York at Buf- 
falo said that estrogen does not create 
sudden geruus. but that there is a “clear 
and tignificant" improvement in mental 
ability from the hormone. 


caused by a “chmn of errors" by dxilian 
roU« 


and military air traffic controllers, the 
U.S. Air Force says. The casualties oc- 
curred when an F-16D fighter and a C- 


• CMder women who take the female bor- 
moat estrogen are able to think and 
remember more keenly and are better 
able to handle intellectual challenges, a 
researdier reports. Dr. Urid Halbreich 


• Uhrariolet radjation, which is growing 
more intense on Earth because of thin- 
ning ozone, may be knocking out an 
insect larvae that is a favorite food of 
North American freshwater fish. In a 
study published in the journal Science, 
Max Bothwell of thc National Water 
Research Institute in Burlington. Ontar- 
io, said that a of solar radiation 
called ultraviolet-B. or UVB, is so dam- 
aging to the midge larvae that, over time, 
there could be a decline in the popula- 
tion of freshwaio’ fish. ayt 


Pilot Mishaps Send Jet Diving 


By Don Phillips 

irias/Unf^ PesfStmee 

WASHINGTON — A pilot 
»BftrphiTig for a place to {mt a 
box of soft drinks and coffee 
be^ a trail of errors that sent 
an American Airlines jumbo jet 
into a dive over Jamaica, injur- 
ing 1 7 passengers and crew, f ed- 
ei^ safe^ officials said Friday. 

The incident gave new impe- 
tus to proposals that passengers 
be requiiM to keep seat bdis 
fastenra at all times when seat- 
ed. The most seriously iqured 
passenger, who underwent sur- 
gery for a ruptured spleen, W’as 
seated but not belted and ap- 
parenily hit the ceiling 

American Flight from 
Miami to Buenos Aires, a Mc- 
Donnell Douglas MD-11 with 
80 passengers aboard, was in 
levd flight shortly before 1 
AM Wednesday when it went 
into a 3-second dive followed 
by a l^second bumpy recov- 
ery, according to a spokesman 
for the National Transporta- 
tion Safety Board. 


At 12:54 AM., about an hour 
and 20 minutes zntothefli^t.a 
flight attendant brought a box 
of soft drink^ coffee and water 
to the codqut. Mr. Baker said 
crews have discovered that the 
only stable place to sit the box 
is on the footrest of tbe jump 
seat bdiind tbe first officer. But 
the first ctfficeYs seat was too 
far back to allow the tray to fit. 

Trying to be helpful, the re- 
serve fixit officer reached over 
to the first officer’s seat iatdi to 
move the seat forward, without 
idling the first officer. 


manually and held out of posi- 
tion for three seconds. With the 
ct^umn pudied forward and the 
autopilot rtf. tbe plane abrupt- 
ly nosed down. 

The crew had a “good recov- 
ery** at that point, a board 
spwesman saia, stabilizing tiie 
plane within abwt 16 seconds. 

“They’re pretty shook up 
over the whole Mr. Bak- 
er said. 

Tbe plane returned to Miami 


at 2:0S A.M., and injured pas- 
loved. 


sengers were remc 





london harvey nlchols 
parts 6 rue du faubourg si honors 


The seat moved forward, ap- 
offi- 


pazently startl^ the first 
cer, pushing him into tbe con- 
trol column. The MD-11 
autopilot, vdiidi was engt^ed, 
is deagned to turn itsdf off if 
the control column is moved 


ten 

According to tbe safely 
boaiti and Robot Baker, execu- 


tive vice pieadent of operations 
for American, tbe plane at that 
point was bt^g flown by a re- 
serve first officer while the cap- 
tain was on a break. The r^lar 
first officer remained in his seat 
os the right side of tbe cockpit 



Ambassador Lapel Flags* 

M Sfortd C«H CofecSoA 
MMMrOritev-lOOK USAffadi 
AiyflaBinfac «■ d^tfteirtiyerlogo 
Paetoiy wMsMe to quMed 
Tour Opanton. Alse MM. 
TMEOw.fne. lOIBeiAlrOitm 
NMMaM.CT 09778, U&A. 
(203)3507445 • Fsc (20S) 3984334 


Medical , 
Emergency? 


We're here for you 24/U. Sintply 
call the American Hospiul oi Paris 
Emogency Service at 47 47 70 15. 
We'll ecaue that the fairest ^iity 
oirtreai trcauBeoi is nuae avatuhle to 
you or your krrt ones immediately. 
The American Hospiul of Paris oilers 
ounpleu medical and snigicai cm 
Expertise in more than 40 spraalides. 
.A comfortably well muipped 
marenuty ward. 

And tbe reassurance ol being able to 
comm ufflcau with most pbysirians 
and HaH in English. 

Blue Cross and suny other insurance 
pla^ honored. To IcM SKMe about the 
AfflcricaA trf Paris and how we 

C 0 I serve your gnreia) health care aeedx 
please call our 

Welcome Scnice at 46 4) 27 27 
during weekdays from 9 to 6 . 


American Hospital of f^ris 
63 Boulevard Victor Hugo 
92202 NcuiDy Cedex 
TeU in 46 41 25 25 



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Page 4 


SATURDAY-SUNDAY, JULY 2-3, 1994 


OPINION 


Heralb 





Let North and South 


n'BLisiihu WITH Tii» M W Tiiick inii> w.whini;t«?i phot 


Set a Global Contract 


The Jerusalem Question 


New that Yasser Arafat, dtairman of 
the Pakstine Liberation Organization, is 
making his Rrsi visit to the new Palestinian 
sdf'TuIe areas of Gaza and Jericho, it is 
only a question of time before he takes off 
on the curving road up to Jerusalem lo 


pray on the Tei^le MounL At that mo* 


ment the issue of Jerusalem, a city that 
touches the deepest passions of both Israe- 
lis and Palestinians, comes into its own. 

Israel, to win favor for its claim to 
possess all of its “etemoi’' capital, has 
promised access to holy sites for all “pil- 
grims.” Yet to many Isradis, Mr. Arafat is 
not a pil^im but a terrorist, and although 
the govemment grants ins “right” to cixne 
subject to “timing” and “arrangements,” 
huge numbers vow to block his way. 

Last fall's IsraeU-Palestmian peace ac- 
cord put Jerusalem cm the list of tough 
issues meant to be deferred for two years. 
Anyone who has been around Jerusalem, 
however, could have told you the issue 
cannot be deniecL Israel, which held West 
— or Jewidi — Jerusalnn in 1948, occu- 
pied East — or Arab — Jerusalem after 
Jordan attacked in 1967, and then an- 
neced and greatly enlaigjed it and pro- 
ncxinced its deed “non-negotiaUe.” Israel 
did this over the ahsost universal insis- 
tence elsewhm that in li^t of the extraor- 
dinaiy s^nificance of the city to different 
Peebles and faiths, its Future could not be 
d^rmined unDaterally. Only Costa Rica 


and Zaire recognize West Jerusalem as 
Israel's capital; no nation recognizes East 
Jerusalem as Israeli territoiy. 

NoU^ matches the feding Israelis 
have for Jerusalem, excq}t the feeling 
Palestinians have for Jerusalem. For 
both, it is the politic»tl, religious, culturaL 
inidlectuaJ and psycbologica] heart of 
their nation. .A fin^ peace cannot even be 
dreamed of without mutual satisfaedem. 
At the moment the area of consensus is 
pitiubly small. The parties cannot agree 
on much more than that the city must not 
a gain physicallv divided, as it was 
when Arate Evicted it in 19^-67. 

Israeli resistance to chan^ in the sta- 
tus quo created by Israeli arms is as 
intense and poUdcally sensitive as is Pal- 
estinian insistence on bringing about 
rhan g e. On each side, nonethdess, are 
people prepared to think of ways to satis- 
fy the Intimate core interests of the 
other. Iheir mission is not impossible, 
merely wildly difficult. The American po- 
sition is, to put it mildly, equivocal: It has 
long withheld approve from (and some- 
times critidzedj Israel’s occiifiation of 
Ar^ Jerusalem. But it has also provided 
Israel the time and political space to 
impose much of its dragn on the whole 
city. It is not too early fm* ihe United 
States to start ihinlnng of how to be 
helpful as the parties enga^ the issue. 

— THE WASH! SQTON POST. 


By Francis Mitterrand 

Thi \mter is the president of France. 


P ARIS — How can we accept 
that nullxms of men, women 
and children in the poor ^uihem 
countries continue to die in front 
of our television cameras? If these 
awful sights lead us to feel com- 
passoQ, that is all very well. But 
our reactions of late have too of- 
ten been only capridous. 

I fear that tb^ of us in the 
richer countries of the North have 
gone in xeoent years from an em- 
oairassed indifference to a smug 
indifferaioe about it all. Each 
oountiy, it seems, is now only 
concerned vrith its own backyard. 
Any interest in development has 
dwindled. Some Mver^ents are 
even saying that u the poor coun- 
tries can't get out of tbdr crisis, it 
is their own problem and proba- 
bly their own fault because they 
are not trying. This is a tragedy. 

The truth is that our entire plan- 
et will become uninhabitable if we 
buy into the illusion that we need 
onfy make it inhabitable f(v the 
few. It is foolish to bdeve other- 
wise. It Bist of all makes sense 
tfom tile standpoint of esqianding 
trade to incorporate everyone into 
the global eoonoiny; ara if we 
create some ki^ of a global outer- 
class by excluding whole parts of 


More Whitewater Ahead 


the gk^ from sowth, then dis- 
eases such as AII^ the flow of 


The “Watinttgton** phase of the special 
prosecutor's Whitewater inquiry is neariy 
finished. Questions about the b^avior <x 
the former White House counsel, Ber- 
nard Nussbaum, remain unanswered. 
And the truly inqiortant part — tbe “Ar- 
kansas’* plum — is still to come. 

Even so, senior officials at the Trea- 
sury D^iartment and White House can 
breath easier now that ^bert Fiske 
has concluded that they did not act 
“with the inteot to corruptly influence” 
a federal investigation into whether 
funds deposited in Madison Guaranty 
Savings & Loan were diverted to BiU 
Clinton's 1984 gubernatorial campaig n 
and Whitewater Development Co. 

Mr. Fiske asserts these officials 
did not crimmally obstruct justice as de- 
flned in Section 1505 of the U.S. Code. 
Bot an action does not have to rise to the 
level of crimiaality to be labeled stupid, 
irre^Mosible and improper behavior by 
government officials. That is the only 
way to describe the three meetings at the 


ton to stir through the ethical wrecks at 


drugs and the enrirmunental de- 
stiuctiim wroi^t by poverty will 
duly exact tbdr price <m the smug 


in times to come. For these reasons 
we need to rnsJee sure tbe poor 
countries do not stay on the fnnge. 

Inequalities continue to oow 
despite the claim Aat the ^bal 
market is the panacea for u iSs. 
Relying <» humanitarian assis- 
tance and the rules of the market 
are inst^dent to cope with a situ- 
ation where ooofifth of humanity 
lives bdow the pov^ line. 

What we need inst^ is. a “de- 
velopmait contract” betwi^ the 
North and the Squth. We need a 
sin^ global view ra development. 
Just as there is a sin^e global view 
mi the eavirooment that emerged 
from tile Rio surmniL 

Such a contract must be based 
on a new mtemational ethical- 
moral code. I know this has been 
said befme and some have disp^ 
^ed it But if we do not start vrith 
that we won't get very far. 

Devdopment aid must become 
somedung more than a means to 
help the pocr countries, tcspecl 
their financial obligations: it 
must be a means to help bolster 
reflect for social and moral con- 
tracts witiun societies and within 
the world community. 

It is all linked together. If no 
devdopment takes place, then 
there can be no lasting domestic 
peace in these countries tom 1^ 
strife. In the of poverty and 
strife it is imposable to set up a 
state of law and respect human 



Tte AWW Sdm MmIim 

L« MgdB Um 


rights. If devdrmmenl is only 
considered in its tfnanrial dimen- 
aon, so that a country can jdn a 
world vriiere market forces con- 
tinue to rule supreme, tiien social 
equnibrhim aind equahQr will oon- 
tiznie to be brokm and strife will 
continue to.break out. 


For its part, the South lieeds to 
understand that it is imposable to 
have eomioinic prosperity with;- 
out democratic effioqicy. Only 
in a democrat is it p6^>le to 
settle conflicts without force and 


vidence. Only wheu a democratic 
state exists uw citizens be aUe to 


ensure continuity in the mana^- 
ment of a counlxy. 

For this reason, the developed 
countries have to concern ^em- 
sdves with the rule d law in tbe 
Sout^ Tbe protection of minOT- 
ities under the law is something 


that sh o u W be a . particular focal 
point The new South Africa is a 
good example to f^ow. - . 
There are thrw demaits to the 
devdic^iment contract 1 propose 
D^kpment aid. If ^ Uxeih- 
dustriali^ countries that .-wilt 
be meeting July 8-KJ in N^les 
vfould' commit to a goal of set- 
ting aside 0.7 percent of their 
gross domestic pxodnet todev^ 
lament aid, $130 billion would 
be made availabte for mvestineDt 
in infrastructorB, educatimi and 
health in the poor countries. 

1 am not suggesting that my 
own country has been pedect in 
this part ki ila r area, but we have 
increased aid by 4(Jperoeat in. real . 
tff i inM j tmngjng .ua quite dose, to 
that goal France has also caueded 
or reacfaeduled debts to 39 d the . 
poorest oonntties in Che world. 


- The - International. Monetary 
Fund sboitid also make available 
^lecial Dcawii^ R^its to the 
neediest of its j member countries. 
For now the IMF ooly'senres to 
inermse the profits of the ridi na- 
tkms that were monbers before 
19SI, and not the 36 aewet ipem- 
bos vriio.need funds theaao^ 

If tins irgnstice of tiie wi»id 
fiwahfift system were corrected, it 
would m^ another .5;^ faillioh 
in hard cuncncy availaMe to in- 
di^MDsable devdopment. 


Mtaual reject .The leaders 6fi^ 
deveSopoig countries have made-nr ' 

mImw rtM* 'tlwir nntut tn he ' 


dear thatlhey .do not .want to be 
to ine liberalism of glob- 


the White House, said he was “pleased*^ 
Ity Mr. Flake’s conclusion — although he 


did have the minitnal grace to concede 
that “some of these contacts may have 
been inadvisable.” That description is 
inadequate to the pdnt of 
What was gtang on was that Mr. Nuss- 
baum, Mr. Altman and Ms. Hanson, along 
with sudi White House aides as George 
Stqihant^oulos and Hardd idees, were 
meddling m the cabinet d^iartments to try 
to contra inquiries into tbe president's 
finances. Thoi^ tiieir behavior has now 
been judged legal the fact remains that 
this administrabon from its first days has 


Americans UN Arrears Should Be an Embarrassment 


sacrificed to 

d free markets. In tom tiiesecoaii- 
ttiesmiBt.be asked to respect the 
of .wodkets. It is unbeaiaUe 
to see the absence of tnute unions 
and workeb* rights in so maity 
countries, and to seehow dnldren 
and inisoners are. ex]doited. It is 
dtoraodiil to see countries 
wl^ jnstiy stniggM to indqien- 
deerefi?^ odonialism are violat- 


shown a reddess tendency to pul the preri- 
dent’s deaie for a questioa-nee existence 


diead of the iodqiendeiice of law enforce- 


meat and rqpilmbty c^dals. 
imsy handlin ' 


heart of Mr. Fiske's mqairy. 

On Sqpt 29 and on Oct. i4, 1993, Jean 


Hanson, Treasury's general counseL 
briefed White House officials on the 
Resolution Trust Corp.*s investigation 
into Madison Guaranty, which h^ re- 
sulted in criminal referrals naming the 
Clintons as possible beneficiaries of Ule- 


The clumsy handling of tbe late Vincent 
Foster’s recces is a case in poinL On that 
count, Mr. Nussbaum is not out of the 
woods ycL Mr. FI^ will report soon on 
Nussbaum’s di^iosal of Whitewater 
files left bc^d by Foster, the dqmiy 
White House ccwnsel vdiose deatii Mr. 
Fi^e has now ruled a suidde. 

Nor are the Clintons out of the woods. 
With the Washington inquiries virtually 
over. Mr. Fiske turns now to the tasf 


that will detennine his credibility as a 

s Ms 


gal activi^ at tbe ^kansas 


and loaiL Then, last Feb. 2, Roger 
roan, the deputy Treasury secretary, 
gave White House aides a “heads up” on 
the same investigation. 

Uoyd Cutler, brought in by Mr. din- 


special prosecutor. That involves Madi- 
son Guaranty, Whitewater and all those 
not-so-long -%0 dealings of an ambi- 
tious political couple and the interesting 
friends who were so eager to do them 
financia] favors. 


— THE SEW YORK TJMES. 


N ew YORK — Yive la France! A good 
strong vive from everybody, please, to 
the French to taking on what no othci counr 
try would touch — flying troops into the hdl 
of Rwanda to save Mrican lives. 

The Frendi do not want to occupy the 
countty — they have not gone mad — and 
there is no economic or strategic grin to be 
found in that land oS corpses. Tb^ went in 
becmise their stomachs could not stand it any- 
more; that's the reason and it does them credit. 

Now, a good strong vive to the secretaiy- 
general of the UnitedNations. Who? Butros 
Bntios Ghan of Egypt? The man American 
dplomaiy so loves to blame for everything? 

Correct — the secretary-general has 
screaming, pleading, h^ gmg for members of 
the United Nations to do something more 
useful about Rwanda than lock shodeed. It is 
pure chmi not to recognize grace and courage 
in the French and the first secretaiy-generri: 
since Dag Hammarsigold to speak minil 
No. I did not want American troops in 
Rwanda — tbe U JS. plate overfloweth. But 1 
think, it should embarrass Americans that 'at 
the Umted Nations, the richest country in the 
world, the nation that aspires to leadei^p by 
right of power and democracy, has become a 
champiem welsha* in payments to the UN 
peaoekapmg forces and the United Nations 
in generri. America is hanging around the 
UN bar, looki^ to a free di^ and acting as 
if it were buying rounds on tbe bouse. 


By A. M. Rosenthal 


Asttf June 15, according to UN figures,! the 
United States owed $53i miHinn to the UN 
goiaal bud^ for years oS arrears, and $748 
minion to the peacekeepmg budget 

American ^ures are somewhat Jess be- 
cause thty deduct some general budget ar- 
rears that Washington expects to pay by the 
end of the year. Ail ri^l, so takmg all the 
accounting breaks, round it off as SI biUion, 
without a penny of interest ever. We are hiciy 
they dem’t throw us out of the place. 

• For derades, the United StalK took it as a 
matter of honor to pay up on the due date or 
before and properly lodcMl down at countries 
that wdshed. But in the *80s, the Reiman 
adminis tration got aimoyed at the Umted 
Nations for then being a center of anti-Amer- 
ican agitatioa. It was. But the Reagan people 
to^ a strange of upboldmg America 
refusiiig to meet U.S. financi al obligations. 

During the Bush years, the wdsiung oontin- 
ued to other excuses, induding the demand 
that the United Natkms overiiaul its budgeting 
and spending, wfaidi it has been ddng. 

W^t’s (he excuse now? Hie Qinton ad- 
mmistratioo says it wants to catdi \sp. Made- 
leine Albright, (he US. chief delegate, does 
her very — making qiecial tr^ to Wash- 

ington to urge monbexs of Congress to-put 
the checks in tibe mail Omtoni^ say the 


pccMem is that a poor-mootii Congress won't 
vote thie money. But isn't that a Democratic 
pierident dovm there, with a Democratic 
House and a Democratic Senate? 

If national hOBOT iS nOt 61100^ tO'pudl it 

hitler, how about this: US. wriming exiles 


lie. 


pmoeiceqiing missions for which the United 
Stetes vcAed a 


and tinfts the burden to far less 

wealthy nations. Some of. them are not as keen 
on that as they u^ to be. Because ictf US. 
defaults, somemnes tbe United Nations cannot 
pay poexer peacdmqnng nations the- mcmey it 
owes film for expenses, wiiicfa me^ they 
won't be teaiy to vdunteer ^ain socrl 
H ie United States is not setf-4e$tnictive 
enoi^ to want to do away with tbe United 
Nations and never has beezL Whatever any 
adminis tration, in Washhigton says in com- 
fJaint, Ame rican diplomats and'most potiti-" 


dans are soplusticat^ enough to know that 
tile United Nations is amply the will of its 


memb ers, that amQi^- thosc.. members the 
. United States is tbe most powerful and effec- 
tive, that America gets Of its payments 
ba^ in UN money spent in Amonca, and 
tiiat the world is at least a somendiat safer 
place because nations can n^tiate, 

cod down and even oocasicmally readt ag^ 
inent at the United Nations, - . , ‘ ; 

. Put the dMXk m the mafl, pty to yom own 
dnnia ---is thatsocoiiqilicatied? ArriericawiQ 
- feel a lot better and so all its friends. 

The Se» YoHe Junes. 


■own; 

fe nieed some comsKxr 
standing b^ween North and 
South on tb^ inatteis.' 

inraitire amar^ements. When 
the countries of tihe Sooth orga- 
nize themsdves'to sedt fair mar^ 
ket prices to their ctmunodities 
— M they coffee or wood — in 
the world market, they are on tbe 
right tndL When countries of the 
South cooperate vrith other coun- 
tries of the South, t^ are con- 
tributii^ to tbeir own success. 
TheseTltinds of arrangements 
nuist be encouraged. 

We can no kmger entrust the 
development of the worid to mon- 
etaiy rules alooe. We must resist 
the - trend &ai aid for devdop- 
mentisbemg tricenoff thea^~ • 
da:of,tlm.ik^ countries* poiides.if 
Ecbnmnic bn. a woiid^ 

scale must be part of the idorm 
agenda of ail zi^tilateral institu- 
tions, from the World Trade Or- 
ganization to tire United Nations. 

1 will p^ these pomts at the 
-G^7 meding. 1 will adc iry cd- 
leagoes fo pi^ iq> Iheijr courage to 
face this most preramg dballcage 
at the end of tite 20th century. 

C Los Angeles Times IfyneScate, 


Up Health Care European Commission’s Next Chief Be Up to This Battle? 


In the House of Representatives, tbe 
task of writing a healui care reform bill 


now moves from the Ways and Means 
and Education and Labor committees to 
the Democratic leadei^p. Ihe leaders 
wdl have to blend the two committees' 
bills into a single product to be taken up 
on the floor. In the Senate, the same 
thing will shortly be true. 


aoce. The subsidies phase out as income 
rises. Tbe phaseout is the same as a tax. 
The government “takes” a percentage of 
every extra doUar that the family earns 
by reducing the family's subsidy. When 
you count both taxes and benefit phase- 


outs, lower-income families already face 

than is 


The leaders will try to produce_ bills 
^le 


that come as close as pos^le to Presi- 
dent Bili Clintoo’s goals of fully fi- 
nanced universal coverage with cost 
containment — and that can pass. At- 
tention will naturally focus on the 
broader architecture of t^e measures: 
Will they or won’t they include employ- 
er mandates, for example. But the lead- 
ers need to pay close attention to these 
bills at the next level of detail as well. 

Under great politicri pressure and in 
a matter of weeks, they will be called 
upon to accomplish the extraordinary 
feat of composing entire health care 
plans. Because the risk exists that these 


plans could pass, they need to be work- 
able. When me bills were at the coi 


the commit- 
tee level there were a lot of free votes. A 
provision could be included to accom- 
modate an interest group or member, 
and it did not matter if it was paid for or 
made good policy sense, because at a 
later stage there would be a chance to fix 
it or take it ouL The leaders have less of 
that luxury, and a number of problems 
have been found in the fine print of 
some of the committee proposals. 

All of these bills involve subsidies 
lo help lower-income families buy insur- 


mueb higher marginal tax rates 
generally understood. Counting the 
phaseout of the eamed-income tax cred- 
it, the rate for working parents just 
above the poverty line turns out to be 
close to 50 percent 

Some of the health care plans under 
consideration would drive this figure as 
high as 70 percent a new study calcu- 
lates. Some of the plans also would have 
the unintended effect of encouraging 
emplo}wrs who now provide employee 
health insurance to put their employees 
on the public rolls instead — and some 
contain well-intentioned spending caps 
that would squeeze benefiaaries hardest 
just when they have the greatest need 
during a recession. 

All of the committee bills also rely to 
some extent on managed competition to 
cut down costs. At tbe same time, how- 
ever, some contain “any willing provid- 
er” and other provisions included at the 
behest of the medical profession that 
would reduce the effectiveness of such 
competition. The plans are at war vrith 
themselves. They need to be straight- 
ened out Nor are these the only such 
kinks. The leaders are going to need a 
vast amount of help in the serious pro- 
cess about to begin. 

— THE WASHISCTOS POST. 


B russels — The current 
deadlodc about the suoces- 
sion to Jacques Ddois, as presi- 
dent of the Euix^iean Commis- 
sUm, leaves Britain as tbe only 
member o( the European Union 
opposed to naming the Belriu 
prime minister, Jean-Luc oe- 
haeae. Jcdin Mqor clann& that he 
is oppceed to Mr. Dehaene’s poli- 
cies. His increasingly exasperated 
European partners know that his 
real reason is to pander to the 
prriudices of his Europbobe. 

So whatever the result, it will 
do Britain no good. But the strik- 
ing feature of the detete is that it 
mi wes the real issue. 

It has not been possible in the 
past to predict how a president of 
tbe Commission wiD mm out. In 
1976, Valery Giscard d'Estaing 
vetoed Chiisu^her Soames be- 
cause be tfaou^t he would stir 
tlimgs up too much; so Roy Jea- 
lons was ^^lomtedL and stirred 
things up lai^tily spearhead- 


3j Roy Denman 


ing the move to economic and 
monetary unioiL In 1984, Marga- 
ret Thatcher vetoed Claude 
Cheysson and accepted a then tit- 
tle Imown Jacques Delors. 

'' *hai matters is findiiig a presi- 
dent who will tackle the operating 
problemsof the CommissioiL For 
the Commission's record in the 
last 10 years has been an odd 
paradox. The vision and the pi^t- 
ical skills of Mr. Ddois have 
adiieved nxire than any of his 
predecessMS. At the same time, 
the operating problems have be- 
come honend^. The Commis- 
sion has been tamed into a Tam- 
many Hall with a French accent, 
and morale is at an all-time low. 

Here are some of the thu^ 
that have gone wrong. 

• There are too many commis- 
siooers. At the beginning there 
were nine; now there are 17. In 
January next year there might 


well be 21, and other countries 
are knoddng on the door. There 
are not enoo^ jobs to 17 com- 
missicxieis. In alone more. Given 
the difficulty oS wddmg tognher 
a team of mfferent nattoiatities 
vriiose members have mostty nev- 
er met betoe and may not l&e 
each other when they do, any 
number above about 10 produces 
not a calm and rational coUq;e 
but a quarrding disorderly mob. 

• The quality of commission- 
ers. Some have been very good. 
The m^Qiity range firom mediO’ 
ere to awfuL Old hands remember 
the commisaoner vdio threw a 
bottle at a mirror in the bar of a 
Strasbourg hold, or the one -who 
was tdd by the Commisaoof& 
president dining a meetup that he 
was not capable d rurmiiig a ta- 
vema. It can only be hoped that 
membo' states w^ see in time that 
sending bums to Bnissds will ad- 


CUnton Can Prevail on Health Reform 



International Herald Tribune 

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W ASHINGTON — Can BiU 
Clinton do a Harry Tru- 
man? Preadent Tnunan turned 
the 1948 dection into a referen- 
dum against the Republican “Do- 
Notbing Congress.” To the sur- 
prise d nearly everyone, be was 
re-elected, along with a Demo- 
cratic Congress. 

There are differences of course. 
1994 is not a presidential year. 
And the present Congress is oon- 
tioUed by Democrats. But a Tru- 
man strategy is stiU worth a try. 

In a few fat^ul wedcs, C^- 
gress is likely to pass a watered- 
down health bill Mr. Clinton wiU 
then face a decision that could 
redeem or wredc his presidency: 
To sign or not to sign? 

Mr. Qinion is often faulted for 
indedriveness. But in sendin g 
health legislation to Congress, he 
was unequivocal about cme thing ; 
He would veto any bill that fell 
short d universal coverage. 

He could wriggle out of that 
threat by re defining “univeisal” 
but he should stick to the promise 
for several imeirdated reasons. 
Svppose tbe final bUl follows tbe 
“bipartisan” modd proposed by 
SeDato Jdm Qiafee requiring in- 
dividuals to buy insurance and 
subadizing pramums for low and 
moderate income This ap- 
proadi dumps ht^ costs onto tax- 


By Robert Knttner 


pay^ and ^ves businesses an in- 
centive to qmt piDvidto insuiance. 

Or, supjxise the embraces 
the co iupiomi se proposed Sen- 
ator Jom Breaux, ms approadi 
won't reqniie en^loyer oover^ 
unless it falls short a cenam 
target, say 91 percent of the popn- 
laoon by tbe year 2005. This 
gpr” stiat^ is also a loser because 
it fails to stieamlme the system or 
@ve everyooe insurance seoirity. 

Likewise, the mHiimatUt Re- 
publican ^an for *Mnsurance 
market lefonn.” Hus would guar- 
antee that nobody oould te re- 
fused insuianoe because of a pre- 
existing medical condition. This 
approach would Ukdy raise pre- 
mium costs to everyone. 

If Mr. Clinton signs a t^id 
health xdonn biU, it becranes his 
baby. But if the bOI has a long 
lAa^in period, or fails to deal 
with the Mcafatfng costs and the 
red tape, w if it guarantees only 
mediocre covoage, voters vdU fed 
bad once again. Moreover, all the 
frustrating trends in private inair- 
anoe covers are likdy to intensi- 
fy. As private insurance plans sedc 
to cut costs, there will be more 
“man^ement” ^ care, less free 
choice of doctL.*rs and hospitals. 


more intniwms oa doctors' free- 
dom to practice and more limits 
(m vriiat is covaed. 

But with one big potitical differ- 
ence; At present, these assaults are 
tile result the unrefooned, pri- 
vate msDiance system. Hiis is pri- 
vate secror red t^ie, private sector 
intrusion, private sector ineffideo- 
cy. Hie day after a weak “reform” 
pas^ however, all of these 
oemtuuung frustratkms will be 
Wameft on the goveramem. 

By holding out fd a biO 
and vettang a bad onei, Mr. Oin- 
ton could diangB the dynamics of 
both health re form and the 1994 
ntidteim eketion. Only two new 
preddenis have gained seats in 
both bouses in their .first midttnn 
congressumaJ dectim — Ranklin 
Roosevdt in 1934 and Thomas 
Jefferson in 1801 Duplicating 
tiieir feat is improbdile. Analysts 
prcgect net Donoaatic losses of 
15 to 25 seats in the House and 
three to five in the Senate. 

A watered-down biptutisan 
health bill would do ootbix^ to 
transform that equation. But if 
Mr. Clmton vetoes a bad bill and 
goes to the country, he could put 
himself back on the side or a 
frustrated electorate. He could 
rekindle a ground^cU of sup- 
port for change. 

Wad;ittffon Ptjst Writers Croup. 


vance (he interests of neither the 
Unioa nor their own countries. 

• The ccmventirai that every 
eamttdsaoaet should be briefed 
on and be prqiared to ^>eak oa 
every detau d an^ythg- oommis- 
sioaer's business. It is customaty 
-in deoxicrades for mmistecs in- 
cabinet to qieak if proposals d 
others affect ifaeir dqNxrtm^ 
some bade pcflitical point is raised. 
But to everyone to qieak intenm- 

Cc^rm.ssi(Ki^^s°to^ d ev- 
erybody dse's bosmess siinply 
leads to dday and ineffidency. 

• Power has shifted dedsivdy 
from tile permanent dffidals to 
tile tenqioraxy pjerac^ staffs 
(edrinetsX brou^ in torn 
outside. Smto 'career staff who 
have ^vea forceful and uiqialatp 
aUe adme have been ' purged. 
OuEZDg the Ddois r^une, rov^y 
half those in charge the 22 dnep- 
torates-general have, been flung 
out A turnover in the highn ranks ' 
leminisoeat of tbe Kmolin under 
Stalin does Jiot make to a ha^sy 
or effictent administratioa. 

Directors-general now ke^ 
tiieir heads, down a^ mostty 
leave rfegifiWws to the cabinets, 
wliicfa have mnshzoomed. When 
the Coimnisaoa started, the nine 
commisdoners each had a per- 
stmal staff (exchjdmg secretanes) 
of three; Now 17 hare seven ew d i 


Some in tiie catnn^ are first- 
rate; many have neither tbe eme- 
rience nor the conqieteoce to 
cm their own with questions. 

* Hiicre has been a ddiberate 
poiky <m the part., d the Dek»s 
cabmetintbeust lOyeaisof infil- 


Mting into the kty jobs in the 
French “hmunes de 


back 


.Camrasdon Fi 
con^ORce^ nho would 
diiectty 10 the Ddors 
So rfiangg* are badly .heeded. 

- Some will nave to come fiom the 
member states. Thm will be a 
' conference on the oiganization of 
die Eurc^iean Union in 1996. But 
the larger member states detest 
the Commissian as a rival in the 
struggle for power. To emect 
. tiiem to bdb would ^ like asiaiig 
a fox to uSvke oa the security.c^^ 
the dbkkfin ooiro. y 

. yiliat is nee^d is a preddent 
uho win take the Comn^don by 
the scruff of the neck, cot away - 
the nonsense and molrilize the 
remnrirable talents d its staff. 
Pditidahs do not KV<> doing thU. 
In tiie reoigmezatfon of bureau- 
dwey thdre is neitber ^glamour 
' xto votes.' 'But the « ptairH8 

-knew, .that quartomasters and - 
bootlaces were as inqiqrtant as a 
stirring speech or a cavalry 
charge. And the battle for Eu- 
rt^ie today is as important as tte 
great batues of old. 

■Intenuttioadl Hmtid TUbtae. 


A 

/ 




^•1 


!V ' 

I* 


1 t' ...** 




In. ^ 


.Li;: 


IN OUK PAGES; 100, 75 AND 50 YEARS AGO 


1804e AGiandGesbro 


PARIS —The most popnlar fnan 
in Paris last evening [Jmy 1] vw 
tbe German Eoqperor, who seiz- 
ed the occasion d i^'funraal of 
M. Carnot to pardon the two 
French 'officers who were sro- 
tenced to inqnisomnent year 
for e^ionage. The asnounce- 
ment product an exceUait Im-' 
presdon amerng Fsiidaxis. Ac-- 

tions of tins dtaracter do f ar more 
to remove friction hetweeh 
Franceand Gennany^Roid to * 
the wounds iitilicted m 1870 than 
all the efforts d diplomatists.' * * 


.atrocities -that Irare nyiAed bd- 
dierist rule in tiie territoies recap- 
' tmed by Admiral iCnWMk. Mr. 
EmJj^.braidt bmne a large cot 
lection of 'pbotogr^ihs . taken 
. hi mstif.-aafl other itiiable Ameril 
cans^ bemjiig. out fais . 

Htese pictines have been filed 
witii the State Departmei^ 


19444 Bed Ant^ Gsdns 


LONDON — [Kom our New 

Yoik edition:] The tiiiee 


1919s An 


N ^ YORK — Hic “Times” 
das mornu^ [July 1] prints a ^le- 

cial mterview with John A. Eml^, 

American Consul at G>mdf , 
has recoitty returned to this coun- 
try. It quotes Mr. Embrv as saying 
that language cannot picture tbe 


VSOO& of the Red Army’s off^ 

' sive into White -Russia' stabbed 
deeper today {July l}info a Ger^ 
mu defense which ^faows in- 
aeasing signs of ^mceali^ioiL 
The 'Soviet eommuirique an- 
noimced tonight the culture of 
Borisov on & main - TOad ' to 
hGndc and continued advances 
by • tbe two armies north , 
south of Minsk, both of vdiiith - 
now ^ipear to have reached or . 
crossed the old PoK ^ frontier. 



L ' 






■4' 5 




' ■■ -N 




«:gs 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JULY 2-3, 1994 


1^1^ 5 



He Tries to Soothe Edgy Affies 


By David E. Sanger 

. Ntw TipfA Janes St^ce 

“JafM’s fast So- 
aanst prinie laiiu^erin half ' a 
e^tury, Toanichi Miirayama, 
tried Friday to soothe serves in 

Washington ' and To^o by 

abandoi^ ~ at Jea^ for the 
inoii^t virtually ^ of the 
{N^ides he and his party lu^ 
advocated since the end of 
Woiild Warlf. ' 

During - an houiltHig press 
ooniferenee at the prime miiiis- 
ta^s residence, the 70-year-old 
prime minister, whom most 
Japanese had never heard of a 
yw ago, reversed Ins long op- 
posititm to the use of the Jiqra- 
nese military in carefoUy pro-, 
scribed United Nations 
peacekeeping operations, 
turned his back bs his party’s 
traditicxial support of 
Kor^ and- mrined that- he 
wcaild not delay nsplesienia- 
tioo of an electoral reform bDl 
Chat many bdieve conZd destroy 
his party. 

Instead, he adopted most of 
the positions car^ out over 
the years fay the government 
and the Ltberal Democtatic 
ParQr, which ingtat]gd hbn as ' 
prime minister Wednesday 
night in a .desperate effmt to 
gain a parHanamtaiy m^ority 
that coiw' restme .Us hold on 
power. 

**] know pec^le are worried 
about my gover nm ent, botii in- 
ade and out of Japan,” he said. 
*^My job is to do the best 1 can 
to get rid of those worries.’* 

Faced with the contmoed 
soaring the yen agamst the 
dollar on world fmagaal mar- 
kets, the result of alack of con- 
fidenoe that Jtman’s new gov- 
emment wffl do anything to 
curb the $60 billum trihSeral. 
trade surplus with the United 
States, Mr. Mut^ama talked 
about stalritity, and denied he 
would nndeiwt pt^tical. ie- 

fCOXttS. 

Pzerideht Bill Qinton and 
Mr. Murayama spakt Ir; tele- 
phone for about 20 minutes 
^uisday oi^t in their first 
oonversatioa since the Japanese 
leader took power. Mr. Mur- 
ayama told Mr. Cfinton of his 

plan to msfintnm rmtlmm ty in 

foicigp pdi^ and to coc^mte 
intr^en^ 

to White House officials. 

Mr. Murayama also sougto 
to assure bfr. CUnton that his 
govenuDCDt was. st^Ukv adngn- 
istraticKi trfficials said. 


Mr. Ginton congratulaxed . 

Mr. Murayama on & suco^ 
and told hnn he looted 
to then meeting next Pdd^ in 
N^les befcxe the meeting (tf 
the leadm of the Groim cf Se^ 

- en largest industrialized demoo- 
racie% the White House 
.The^.twb leaders are to have a 
piivatoaieeting and wiQ lik^ 

^>pear in a' joint news ccmfer- 

eac& 

Jt^»nese officii a^eared 
pamculaily concerned com- 
ments made Thursday by the 
U.S. secmtaiy of states Wanen 
M. Chrisumher, to the- Senate 
Foreiga Rdatioos Conunittee. 

In response to miesrions 
about 'vriaetho' Japuys funda- 
mental apptoadt to the United 

- States caud'<3iange witir a So^ 
cialist prime minister, Mr. 

Christt^pha said that Tcdcyo 
was in **a vny itiinami atna- 
tion” and that the differences 
between toe-two wi»ni luliog 
parties woe so great that it 
*|presents a daltoo^ng atoa- 
tion for .the analysts..** 

- Mr. Christopher’s doabis are 
shared hrtbe Jtmanese bureau- 
cracy. Top officials have 
dropped their usual discretion 

and tnadn dear their dtaitiim fof 

hfr. Murayama ever since his 
' itmehL They are feaifal 
it his oranpkte lack esqteci- 
ence in foragn affairs could 
trigga a ^£saker at the G-7 
meeting.* 

On Friday Mr. Murayama 
departed from the govern- 
merit’s scmi^ however, on one 
bey point; Japan’s desire for a 
permanent seat on the United 
Nations Security CouncD. 

(Mlyin recent wedcs has Ja- 
pan b^im esqdkaily dedirring , 

thatitissedangthB^andic AnSCr COld Hope 
has ttuned tite job over to one ^ 
cd hs most rejected <^ficials, 

Hisa^ Ovtoda. now Jq>an*s 
ambassatte to theUN. Bothfr. 



Koreas Agree on Summit Form 


Ccmi»ltd tfr Our Su^f Ftcm Diipeii^ 

SEOUL —The presidents of North and South 
Korea will hold two senuprivate discussions dur- 
ing their upcoming summit meeting officials 
from both countries agreed Friday. 

But the two sides disagre^ over some of the 
arrangements for the historic meeting, set for 
July S-27 in the North Korean capitm, Pyong- 
vang, South Korean officials said. Disputed is- 
»es include tdevision coverage and travel to 
the North b>’ ^uth Korean advance teams. 

Following five hours of talks in toe border 
villa^ of Panmunjom — the fust session to plan 
the summit meeting — negotiators agre^ lo 
meet again Saturday to try to iron out remaining 
differences. 

‘'TTiere was a lack of understanding on North 
Korea’s part about international customs on 
advance *w>ms. and protocol matters," the chief 
South Korean dd^te. Yoon Yo Jun. said after 
the talks. 

The summit meeting is intended to ease ten- 
sions over the North's refusal to allow full in- 
spcciiorts of its nuclear fadlitics. 

After the North told former President Jimmy 
Carter last month that it wanted to resolve toe 


dispute, toe United States agreed to reopen high- 
level talks with North Korea next Friday. 

The South Korean finance minister, Kim Chul 
Su. said Friday that ins government would offer 
the North economic assistance including trade, 
joint ventures and iovesimeni, if toe nuclear 
issue was resolved. 

The North had wanted its president. Kim II 
Sung, and toe South Korean president Kim 
Young Sam, to hold only a single negotiating 
session, with a large contingent of aides. 

But North Korea agreed to two sessions, at 
which toe presidents wffi bejoined by only one or 
two senior officials. South Korean negotiators 
said. 

The South wants to send two 20-member ad- 
vance teams, toe first as early as Tuesday. North 
Korea insisted that an advance team come (wo or 
three days before the summit meeting. 

The North also rgected South Korean propos- 
als for live television cov'erage of toe milling, 
insisting that tape and film be transported out by 
courier. 

North Korea, however, accepted toe South's 
proposal to send a 100-member official entou- 
rage and 80-member press corps, South Korean 
officials said. (AP. AFPt 


SWEDEIN: Boycott of Its Bonds 


Kan Haiml 'tltc \vaOi>lni 


PbKcemen m Jernsaleni restrairHng a militaat anti-Arafat demonstrator on Friday. 

ISRAfjL: ASAFAXz JubUantEndofEbdle 


Murayama said that Japan 
toouid only assume the seat if it 
hi>^ toe ooo^Jete ’’understand- 
mg” other Arian nations. ^ 

He repeatedly dodged the 
question of whether Japan 
would byi k narictinn* agautst 
^ North Korea if the coErent ef- 

^acc£^ fort at diido^ faOed. But he 
- - - talkedappreoativdyttf Japan’s 

*Trieodbr rdationa” vrito South 
Korea, a mqor stq; for a leader 
of the. par^ that wu usually 
wdepmed to Pywigyang. / 


G-7* V,S, Backs ChiarnohylJtidPUin 


meet conditions to be eligible 
for any such loans. 

Washington’s European 
partnexs are s^tied abom the 
idol because of the tosmal Slate 
of Ukraioe^s ecanomy, wUch 
has been ravagpd by hypeemfla- 
tion, faDhig output and pc^tical 
uncotlunty. 

of a $5 billioD «ar- 
rotfor IBoaine is a mistake,'' a 
• Eriropean official remarked. '"It 
vriD onhr raise enectations.” 

WhBe the IMF and Wrald 
Bank have had tedurical-levd 
tidks vrith Uknune, the IMF 
does not have any loan pro- 
grams. under way, and the 
World Bank last year extended 
only one tedini^ assistance 
loan, fm SZ7 mUtioD. OfBcials 
at the Wrald Bank have, howev- 
er; begun to study the possibiU- 
W of a future leading program 
tha t would accompany other 
multilatara] and 0-7 govern- 
ment aid programs. 


Goatoned Iraa F|ge 1 

governments agreed to ofifo 
500 nuUioii Ecus ($600 nulhoiri) 
of loans and grariu to Uknuxie 
to complete and upgrade tiuee- 
other nuclear reacuas as kog as 
the Chernobyl plant is dmei 
down. 

"We are not grang to do tins 
altme.” said a BuFOpean . Can- 
mission off?ri*l- "We want our 
money to fate matched by the 
U.S. and Japan so it is part of « 
broader Q^^ plan." 

The European Union esti- 
mates it will cost a total of 1.35 
bOlicrn Ecus to shut down Cher^ 
nobyl and upgrade to Wesurin 
smndards three other Ukraini- 
an reactors, in Zaporoje, 

Rovno, and Khmdnhori^. 

liie Brussris-based c^Bdal 
added, bowe^, that following 
coaptations amc^ G-7 sum- 
mil meeting participants, "1 am 
very that we will have 

a Chernobyl touulown packa ge 
agreed at Nicies.” 

^ to SUICIDE! Mystery linger^ What Made Foster Do It? 


CMrinurdfram Bagel 

pray at the A1 Aqsa Mosque 
have qjparently put a dam^ 
on the demonstrations h^ 
tnOed fay organizers as "The 
Battle for the Defense of Jeni- 
saJem.” 

Just as there was no public 
arrival in Gaza, Prime Mmister 
Vityhair Rabbi tried to play it 
down by oxiducting busmess as 
usual and avoiding public sme- 
mentsL He met senior officials 
to iHcpare for talks on toe next 
phases of . Israel’s self-rule 
agreement with the PtX). 

, Foreign Minister Shimon 
Peres caDed Mr. Arafat’s arrit^ 
"the implementation of the 
Gaza-Jencho agreemrat," and 
dismused rightist critkasm as 
"artificial exotemenx that has 
no bans." 

But Binyanzin Netanyahu, 
the leader of the Ukod opposi- 
tion, said Mr. Arafat’s speech 
aftff arriving in Gaza was cause 
for deq> concern. "He didn't 
talk about Gara and Jericho," 
be said. "What he's interested 
in DOW is Jenisal^ and toe 
State of IsraeL f£s aim is to 
establish an Arab state in 
stages, in order to destroy the 
Slate of Israd in stages, the 
countdown has begun." 

Hundreds of settlers and 
their s u pporters streamed late 
Friday to a mushroonnx^ tent 
city near K&. Rabin's office, in- 
dicating that a mass rally 
planned later could draw a siz- 
aUe crowd. 

lingering Isradi fears of Pal- 
estinian threats were rdnforeed 
W a stabbing at Netafini, a set- 
tliment near Nablus in toe 
northern West Ba:^ 


ContiBoed hun Page 1 

stated call for Jerusalem to be 
tte capital of his ht^ied-for in- 
dqiendent state. 

. For many Israelis, thou^ 
his mere jmsseace was an incen- 
diary act 

Mr. Arafat, 64. may personi- 
fy jfelestinian resilience and na- 
tionalism, a familiar figure on 
the world stage for 30 years in 
his olive diSb uniform and 
black-and-white checkered 
headscarf. But he Is also, for 
many, toe scraggly, bearded 
face of terrorism. 

Israelis on the political and 
religious right, induding set- 
tiers. have threatened massive 
protests against a man regarded 
among them with contempt as a 
latter-day Hitler. 

For Friday, at least, toe num- 
bers were not on the ri^t 
wing's side. Only a few hundred 
people tuned but for protests 
in Jenisaletn. Many other Israe- 
lis took toe 'view, shared Ipr their 
goverumenu that Gaza is now 
in PtdestimaD hands after 27 
years of full Israeli occupation 
and so Mr. Arafat’s trip here is 
a journey atnoag his own. 

Indeed, Foreign MinUter 
^tiznoo Peres said, this tong- 
awaited virit makes a full reality 
of the self-rule agreements 
signed by Israel and toe PLO in 
pnncipk last S^tember at toe 
Wlute House and in det^ on 
May 4 in Cairo. 

"Today, autonomy was 
bora,” Mr. Peres told an IsraeS 
tdeviaoo imerviewer. 

A similar thot^t was ex- 
pressed many Gazans, who 
<^id that just as Mr. Arafat ar- 
rived, so have the Pakstinians 
as a people 

It was not that the PLO lead- 
er found universal affection 


here. Many Palestinians, espe- 
Ciaily Tgtamte militan ts, eon^- 
erhts deal with the Israelis to be 
asellouL 

By the tens of thousands, 
people walked miles to reach 
toe rally ate. Mr. Arafat was 
bar^ visible to them from a 
pndtum in front of a compound 
that was the last post toe Israe- 
lis evacuated in mid-May. un- 
der a cascade of rocks and bot- 
tles from youths. 

"Heroes of the stones," Mr. 
Arafat called the young figbleis 
in the six-year uprising known 
in y^abic 'as toe intif^a. "My 
kkws and my heart go to the 
children of toe intifada." 


Conliiiued from Page I 

billion kronor ($832 million) 
worth of debt 

"Monday’s auction will be a 
tough test," said Michael Bos- 
troem, an economist with SE 
Banken in Stockholm. 

Skandia's move reflects 
growiqg frustration in the bond 
markets over toe government’s 
perceived unwillingness to 
come to grips with a driidi that 
is expect to total nearly II 
percent of gross domestic prod- 
uct this year. 

"It is not acceptable that Par- 
liament has alrrady gone into 
rec^ and no one expects any 
action on toe deficit now until 
January of next year," said a 
frustrated Swedish banker. 

With a general dectioa and a 
likely return to power by toe 
Social Democrats in Septem- 
ber, and the referendum over 
Sweden joining the European 
Union scheduled for Novem- 
ber, the universal eicpectation 
has been that any action would 
have to wait until toe new goy^ 
erament budget is presented in 
January. V^ai Skandia's move 
and a gradual rise in bond 
yidds all year seem to be say- 
ing, is that it is too long to waiL 

"Ihey are trying to force the 
goverament to come to some 
son of agreement with toe So- 
cial Democrats on the deficit 
before toe elections," said Eva 
Horovitz, an economist with 
Svenska Handdsbanken in 
Stockholm. 

Skandia's move came a day 


after toe Paris-based Organiza- 
tion for Economic Cooperation 
and Development said that 
Sweden’s "deterioration in pub- 
lic finances has continued un- 
abated." 

The O^D said Sweden’s 
budget deficit will fall to about 
9.5 percent of economic output 
next year from 13 percent last 
year. "Concrete proposals for 
improving public finances over 
toe coming five years will be 
presented only in January 
1^5,’’ the organization saidL 

Whether specific buyers of 
government debt such as Skan- 
dia and toe bond market more 
broadly succeed in toat effort 
remains highly doubtful. Ex- 
perts said. However, toat if de- 
mand was sufficiently ^arse in 
toe auction Monday it could 
drive interest rates sharply 
higher, attracting buyers back 
into the market 

That in turn might endanger 
Sweden’s frag^e economic re- 
cover and &ally force the cen- 
ter-ri^t coalition government 
of Carl Bildt to sit down with its 
arch-rivals, toe Sodal Demo- 
crats, to hunmer out an interim 
plan to pare the deficit 

"We cannot allow toe weak 
economic upturn we have to be 
killed off by hi^h interest 
rates." Miss Horovitz stressed. 
9ie remained hc^eful. however, 
that the hard line taken by one 
of toe government’s largest 
creditors might be sufficient to 
wrest toe necessary changies out 
of toe govenunenL 


BOSNIA: 

Emboi^o Upheld 

Continued from Pi^ 1 

Senate. Embargo foes could 
also force another Senate vote 
and win. he added. 

■ Serb Sees 'Humiliation' 

Chuck Sudeiic of The New 
York Times reported from Sara- 
jevo: 

The leader of Bosnia's Serbi- 
an nationalists called toe latest 
international proposal for end- 
ing the Bosnian war a "humilia- 
tioa" f^cT his people. 

The comments Friday by Ra- 
dovan Karadzic came in re- 
sponse to a proposed map. 
«^awn up by diplomats from 
toe so-called "contact group" 
countries — the United States, 
Russia, France. Britain and 
Germany — that would require 
the Serbs to surreuder to the 
Muslims and Croats nearly a 
third of the territory under their 
control. 

"The contact-group niaps we 
heard about are hDrailiaiiDg." 
Mr. Karadzic said after meeting 
in Belgrade with Alexei Niki- 
forov, a Russian diplomat, and 
Serbia's presidenL Slobodan 
Milosevic. "It is clear that they 
want to fmst on the victorious 
side in this war, on the victori- 
ous anny, toe Serbian Army, 
humiliating conditions to end 
toe war." be told the Bosnian 
Serbian press a^cy, 

"If toe map is not changed, 
we should definitely go our own 
way." Mr. Karadzic said. 


advisers t hat G-7 action 
sirable on both CSternobyl and 
on a broader economic aid pro- 
gram because of the grostrate- 
«c importance of Uluaine. 

An aide to Mr. Clinton noted 
tha t Ukraine was ahead of 
scb^ule in its removal of nude- 
ai warheads, with about 300 
having been tran^cned to Rus- 
sia already. 

"We are talking about a 
country in population and in 
territory as largp as Frai^ 
with enormous agricultural ^ 
ponaace and advanced rod^ 
and mUitaiy technolopes, the 
aide said. 

"Ukraine can, m t he zis t 
century, become a Europe^ 

Dower or toe new sick of 

Krope," he added. With this m 
minSPresident Ointon ^ 
bring to Naples an fw 
what senior uls. 

“chilenge grant” for 
The i& is for up to S5 ml- 
lion of Worid Bank and Inw- 


ConliBiiM iron Page 1 

when seven employees of the 
White House travri office were 
summarily fired azind hints of 
fip^priai sbeoaztigans, because 
it turned out toe investigatian 
had been sUq)dasb, the firings 
hasty, and toeodor'rrfcrogyi sm 
over the whole affair. The 
fallout finun tfae affair sin^ 
Mr. Poster and burned his 
friend and pn»6gA ^^niam H. 
Kenneify 34 also of the coim- 
sei’s cfficeL Mr. Kennedy drew 
an rffidal reprimand. 

Mr. Foster’s colleagues at toe 
White House advised him to 
ekafce off the e^sode. but for 
him, the episode apparently be- 
an obsessiOD. -.He -frtt 
wiiity because he had asrigned 
Koonedy to the travri of- 
fice investigation. He b^ged 
his boss, tocn-White House 
Bernard W. Nussbaus, 
to let him lake the heat and the 


sonal humiliation be would 
have frit.” Mr. Fiske found. In- 
stead he appeared "exhaust- 
ed," "drawn and grey,” aooord- 
mg to toe rqjort; hb weight 
plunmieted, and he went with- 
out sle^^L He would not take 
sle^itm pms because be feared 
becomug addicted. 

Astnngoflu^ycriticB] edi- 
torials in The Wall Street Jour- 
in June and July of 1993 left 
Mr. Foster even more "dis- 


He spent his final 
daj in his office, 


wrapping np 
loose ends. 


naiianal Monetary Fund ^is- reprimand. in Mr. Kennedy's 
lance to be dangled bef^ pike. 

Ukraine as a reward for pf^ 

gress on economic rrform. a 

M c Tr*»enrv iffiaal sifessed 


re- 


traught," according to toe re- 
pmt. .He told his brother-in- 
law, former Representative 
Bsyl'Antooiiiy, that toe reputa- 
tion he had a lifetime 
bnildnig was b^g tarnished. 


U S. Treasury (rffidal 
that Ukraine would siiB have to 

Krew>ifaX®30iii»9«a 


r *^^kPstaIl exploded Friday mg. of a briefcase. He spent , lime ( 

^i^^rdoormaSciinVitoria, he and toe Wljto outlining toe “opening arm- ia, about three hours later, his 

^lS.Sh*asteniBraza, killin|as donenotog wr^ he^^ meni" he would give in his oe- suitjackel neatly folded on toe 

inSOUto®St j irnmiimne tneiDA WdWter L. HubbeU that tf rVimm.e« awmf akM/f 


— A 


When Mr. Nnssbaum 

^ Nussbaum thou^t Mr. 

mg. And he never shoB^ Foster was “ovun^S^" Mr. 

Durijm ^ to ^ to aght reported. Mr. Foster’s 

Wedrs ra his toe riSkeTO- Tis^^ asVed him to a 
port said, Mr. Fost^ ws of all the toj n p that were 

crearin^y oteessed^ wto toe hinthering him. 7ms list was 
travd-oiGce aff air, an d trm pos- fQUQi;} gftgj hb death, 

al^ty of a coiigres®®oalj»w^ torn aiid dumped in the bottom 


dquession and did not lomw 
what to da 

Mrs. Anthony hastily ar- 
ranged for her brother to ^eak 
to a psyrMatrist — "off-the-re- 
cord,” because Mr. Foster was 
worried be would damage his 
security clearance. S>e gare 
him two more doctors' names 
for good measure. Mr. Foster 
diald toe first name twice, but 
apparently ht^ up triien be 
^ an ans^rering machine. 

Thai evening, he and his wife 
went to toe Maryland shore for 
a weekend of rest 

Mond^, July 19. brought 
another wall Street Journal edi- 
torial. Foster told his sister 
he vras not ready to see a psy- 
cluatrist; instead, be called his 
doctor in Little Rock, who pre- 
scribed anti-depressui medica- 
tion — Mr. Foster appaimtly 
(ook one t^et later that 
He ^>ent the day in his office, 
mostly with the door elided, 
wrapftoig up odds azxi ends — 
tbau-you notes, lus father's es- 
tate, the family bilb. 

Tuesday July 20, Ik ate lunch 
in hb office. Then, about I 
P.M.. Mr. Foster picked up hb 
suit coat but not his briefcase 
and breoed from toe office say- 
ing “FU be back.” His car was 
seen in toe pariung lot of Fmt 
Mait^, a he^y park in Vogifl- 
ia. al^t three hours later, his 


f?i? were blown over, 
the officials added. 


friend Wdwier 

Washing^ you are as- 
sumed to have done sometoing 
wrong, even If you have noL" 
Mr. Fo^cQaaderedxesgn- 
ing, but could not face the “per-- 


feose if Congress went ahead 
with hearings. 

On Friday. July l6, Mrl Fos- 
ter confided to his sister, Shrila 
Anthony, toat he was fighting 


passenger seat At about 5G0 
PM. fads body was discovered. 

Mr. Poster had shot himself 
onbe in the mouth with an old 
revolw. 


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Saturdqy-SundaVj 
Jufy2~3J994 
Page 6 


Haiti’s Sculptors 
Face Hard Times 





By Mark Kurlansky 


C ROIX-DES-BOUQUETS, 
Haiti — In better days this 
town was a short, bumpy drive 
erff the paved national highway 
just north of Port au Piinoe. Now. in 


cmbaigped and cnimblittg Haiti, the lit- 
iian thedisint^rat- 


tie Foad is smoother than 
iog highw^. While economic activities 
for most of the natiemhave been lost in 
tite past two years to politick chaos and 
intonational Croix-des-Bou- 

quets stni has its cottage industry — 
metal sculpture: 

As the United Nations and Western 
governments debate the effectiveness of 
two yew ci oil embargoes ^amst Hai- 
ti’s military r^ime, one thing is certain 
to be overlooked. Whatever the embargo 
is or is not doing to the militaty, it is 


squceong one of the most promising 
sectors of Haitian art. Until now the 


tried his hand at a wide range of Cgura 
and designs and when he recent^ died 
in his 90s, he 1^ a lega^ of work with 
humor and oiiginaliQr. 

f taiitaiirf earned so much attention 
that meial sculpture became the cotta^ 
mdustry of t^ ur^ved village. Unlike 
Haiti’s cddHUted “natv^ paintexs whose 
raw talent is suddenly tfiscovered, the 
sculptures of Noufllesnave a well orga- 
nized schorl of art. Masters hue appren- 
tices who later go off oa their own. 

At the moment this humble neighbor- 
hood has two intemationany reexOTuzed 
sc^ptors. Serge Jolimeai^ 42 and Gabri- 
el Bien-.Aim£, 43. Each in turn is train- 
ing several apprentices. Jedimeau is a tall 
ittiH elegant and his work is marked 
hy long graceful lines. Tim ffgures, often 
from vo^oo Iraend are cut out of flat 
metal and his distiiictive fonns are te- 
maikable for their Sowing and complex 
silhouette. 


school of Haitian 
metal sedpture has fashioned its work 
almost exclusively from sted oil drums. 

The drum are beconimg scarce and 
their price has doubled in the past two 
years. But like the military r^ime, the 
sculptors are nnding ways around the 
embarga For artists sudi problem solv- 
ing is tnairing thetT woik more interest- 
ing than ever before. While most Hai- 
tian products are losing their maricets. 


Haitian metal sculptute is increasingly 
lecognized in the western art world. 


In Nouilles, a shady Croix-<les-Bou- 
quets ndghbotliood of turquoise- or 
salmon-ocwred wattle houses off a nar- 
row dirt trail, a metaliic riangitig is 
luard every day. Under the duale of 
almost every tree is a boy with a hammer 
and chisel hanging on a ^leet of steel, 
following the caireM lines drawn by the 
master sculptor. 


T 


HE inspiration for Haitian art 
is African, rooted deq>ly in the 
ubiquitous voodoo religion. 


Haitians produce Western art 
Westerner! 


largely because Westerners have been 
giving them canvases and materials and 
encoura^ng them to turn their restless 
creatrvi^ toward olgects that can be 
add in Western gaHedes. In the early 
1950s an art dealer noticed the unusual 
cxaftaoianship of metal crosses in the 
local cemetery in Nouilles and found 
they were ri^e by a tnan named 
Georges fiantainl Liautaud was en- 
couraged to fashion a Christ figure on 
scune of lus crosses and thus he became a 
senator. For the next 40 years liautaud 


B ut an emerging factor in these 
fanciful desim is the growing 
difficult in buying oil drums. 
In ^te of the oon^lexi^ of his 
figures, J fiHrneflu has learned to never 
throw out a piece of metaL At times he 
designs one work so that the cut-out part 
is a second piece. Other times he welds 
smaller pieces together. 

The tramand for Jolimeau is already 
outstripping tiie besi^ed oil drum sup- 
ply and he now sometimes works vith 
sheet metal that his growing in- 
come has now made affordable. This has 
made it posable for him to fashion wall- 
sized wotia^ far lairo than could be cut 
from a flatbed oO dnun. 

Gabiid Ken-Aimfi’s sculptures are 
also Rowing larger. He has earned a 
follov^ in the art wodd for his metal 
images ^ ^ringy vpjiating snakes and 
startled women. Bien-AimA’a uium^ 
and ii^res a ble sense of humor are in 
the Liautaud tradition. His chunky 
pieces are qiriii^ and personal uiiere 
JoUmeau is graceful but sometimes 
seems purely decorative. 

In Haitian art, because it is dominat- 
ed Western d^ers, then is always a 
tension between the decorative and the 
irioie mdmdual esqiressioiL The decora- 
tive better in the West because 
Westerners are more conditioned to the 
idea ctf Third Worid souvenirs than 
Third World art This has Eoeant that the 
ornamental work at Jolimean, tbou^ at 
tunes very expressive, commands hi^er 
prices arid more sales than the qiujiy 
work at Bien-Aimfe. 



Gabriel Bien-Aime and his whimsical metal sculptures. 


Bieu-Aimb does not earn enough in 
embargoed and deteriorating Haiti to 
Imy metaL In fact, be has always supple- 
mented his income by woddng as a car 
mechanic. Now he is finding this work 
has the advantage of providing him with 
interesting metal parts. As life gets 
tougher in Haiti and oil drums grow 
scarcer, Bien-Aimb*s sculptures are in- 
creasingly featnring such metal parts as 
axles, gears and tire irons that hie wdds 
to his figures, cut from <ril barrels. 

Like Jblimeai^ most of Bien-Aimb’s 
themes are inspired ^ voodoa His fa- 
ther is a fimdament^ist Christian pastor 
^iriiose rdigjon vdiemen^ ngects voo- 


tin roof workshop over a flattened str^ 
of metaL Ife dram a ^nro vuth dialk. 
EGs chalk line drawings are dean and 
eccmomic; reminiscent of the line draw^ 
ings of Mktisse. Then he b^ns cutting 
Afiping and giving instructions to his 
two apprentices ^he seardbes for auto 
parts. Some of the peces are only a foot 
mgh, but he Ekes to create larger works 
that stand sometimes six feet <1.8 me- 
ters) with a vdied drum base and an axle 
attteoore. 


doo as demonic, but Bien-Aimb only 
storytelki^ 


CTnilfts with his expressive 
face and says, “We chose different 
paths.** The recurrent snakes in his woric 
refer to Damballa, a popular voodoo 
^irit who Haitians beheve appears in 
snake fonn. 

He b^ins his work by kneeling in his 


If the embargo continues, which 
seems Hkdy. the look of Haitian metal 
sculpture be permanently altered, 
but the tireless Haitian imamnation has 
alw^ been tenq>eted byliaid times. 
Wlule the rest of the nation seems to 
turn fo snmipyling as the coly ecouonnc 
activity left, Nouilles h^ its own work. 


Marie Kurlansky is a Journalist based in 
Paris. ’ , 


ART EXHIBITIONS 


un r^vB plus lain 

OLIVIER DEBRi JULES OLITSKI 

June 7 - July 30. Monday to Saturday, 10 a.m.-7 p.m. 


gulerie gerctlei piltzer 

78 avenue des Champs Elysees, 75008 Paris. TeL: (33) 2 43 59 90 07 Fax: (33) 1 43 59 90 08 


: THE LEFEVRE GALLERY : 

An exhibition of Che New Painting 
''Le Chat Au Miroir IIP ( 1989-1994) by 

BALTHUS 

23 June - IS July 
Alex Reid and Lefevie Ltd 


30 Bruton Sieet. London WIX8JD TelK)7I^3 2107 Fax:071-4999088 


AUCTION SALES 


j]H X/IMCDIEJra 


ouorl 


16. PLACE DES VOSGES - 75004 PARS • T^J 133.1] 42 78 57 10 - Fw ; (33.1) 42 78 89 80 
Sale ordered fdiowing the liquidation of assets 

FERRARI F 40 

Year 1990 - red - 4280 miles 
Friday July 8th, 1994 at 5.30 pjn. 
in front of the Hotel RICHSdOND-8-10 Rue A Fabri 1201 G^0/A 
Tel:(22}731 14 00 -Fax: (22) 731 6709 
Under the control of Mtftre Ren# PANTET - B^RfF 
PubBevievnngon Frid^ July 8 th, 1994frem9ajn.to 5.00 pjn. 
For any information and purchase orders contact Martre WAPLER : 
Tel : (33.1) 42 78 57 10 - Fax : (33.1) 42 78 89 80 
Expert : Mr SOUVRAIN - Tel : (33.1) 42 06 16 38 
(.egai fees ara equal to 14 % in adefition to the auction price . ftymeirt in cash 


auction sales 


IN PRANCE 


PARIS 


HOTEL GEORGE V (Salon "La Falx'*) 

31, avenue George -V, TOOOB Parb 

TEL (sai) 42 61 80 07 
FAX: (33.1) 42 61 39 57 


12, RUE FAVART 
75002 PARIS. 


Mendciy,July 11,1994- 


Saton “la PsLix" at HJO pjn. Sale organized and duvcteil h>- Maicie 
Jac(|ues TAJAN. ALBERTO GIACOMETTI ■ 14 sculptures - 
•i paintings - fnim llic.* esiutc of Annette Giacometti. Experts: 
.^fM A. Facitli and A. de Lnuvencourt. Public viewing Hotel 
Ge*Hgu-V (Saktn "La 31 av Ceorge-V. 7KXW Paris. Siilurday 9 


anil Siimby 10 July fnim II a.m. lill K p.m. and Mcmday 11 July 
Irom II a.m. liil 1 pm. On view al llie atictkmei'r's oflin; iry 


an^HnuiKYU till July 7. Re alt InfrinnsitiMn, pluise uxvaii FranctHs 
T.ipn ie.M. 4ni>. iJtrriini' Day'imnct fexi. 426i. cir Faltienne Garcia 
(cm 12K>. ADER TAJAN. 12. me Favarl. 75002 PARIS. 
Tel.. ( n 42 (il HO 07 - Fax: ( 1 M2 (>1 ft) 17. In NE9C YOKK please 
inniaii Kiitv MaiKimriiige 4t Go IrK'. 16 Fji.st 65ili .Siax*t. fiftli 
flunr. N.Y.' 10021. Plinm* (212) 737 35 97 / 737 3« IH 
Fil.X:(212lH()l ii.Vi. 



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LUCERNE, Svdtzerland 

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A collection of important 
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SALES /SOLD 


Love letters: Letters reveal- 
ing details of a love affair of 
author Graham Greene wiH be 
sold at Sotiid}/s July 12 in 
London. 


Mnsicri fan: A 100-yeaxHold 
fan with 80 automaphs of-com- 
posers. sold for £28,750 (about 
$44,700) at Qiristi^s in Loo- 
(km. 


Dreyfus: Art and Memory 

In France, Famous Case Still Resonates 


By Bany James 

/nloiMtfMaCffnU TH&hm' 



ARIS — The accusation hurled 
against ■Opiain..Alfred. Dgeyfus. a;, 
oeatuzy ago tUs tmidied off a 
deeado4oi% pedemie known amp)^ 
as "I'Affajre,** whidi nas continaed to reso- 
nate throndiout modem times. : 

' The' afftm, full of darit IdstOTical pcesenti-. 
meats,- rocuains pauUsmig to this d^. 

On the one hand, it was an efrisode' in an 
idecdogcal and rdi^ons conflict that has di- 
vided France sinoe the Refoniatioa and the 
Revohition, u the hisUMian tficbel Winock 


The esthibitioo, compleniented by a fine 
/^tainfi iie , oontaliied conien^or^ postms 
and an infamous scries of amiM drawu^ 
insulting the Jews. The mb-Dicyhwards 
•produced 


LaFrancede 
it fits into a 


rognizable pattern that 
>uld inelu(ie -the Baint 


arpiesin a new bcxdcof 
TiWaue Dreyfus.** As 
reco: 
wo 

Bartholemew*s Massacre, 
the peisecution of file Jews 
under Vidty or,-tod^,' the 
racist rims of the. i^tist 
ideologue, Jean-Marie Le 
Pm. 

On the other hand, it was 
the of • . 

simster and Qf]pically mo£ 
on. Aaxnding to Gect^ R. Whyte, head of 
anmternaticmaloonnnitteetb marie the Cente- 
no, it was the first time that anti-Semitism 
'joiim with the mass media to create the 
mechanism of ^nodde. 

' The crowd that watched Dieyfi]s*s formal 
dyadation as ah officer — an e:q>erieace he 
saidwas worse than death- — spat(7ahimand 
shouted “death to the Jews,” not “death to 
traitCHs.** 

After an officer who faked evidence a^rinst 
Dreyfus committed svddde, an oatpcmsn% of 
anti-Semitic ban* mail Tn aw <y i^ jwQ iw 

the 


truth and justice reversed,'' 

iths. ... . 

One thing about the exhibitioa 

. was tbera^t was hM ongroimd hallqwed 
by the army, vridch has never fcwmally mxNCV 
mUti for condemning Dreyfus. A few 
VM ago, the Mhiistry of Defense refused to 
aDdw a statue ci Drejms to be erected at the 
Bade MBitaire nearby. The repubUc instead 
put it IQ) m the Tuteoes Gardens. 

In October, the eadifintion will move to 
Di^fu^s home. town, Mulhou^ The We>- 


tbe centenary of 
Ae^estbas 
unleashed a ffood 
of books and events 


sffwfbat Center in Los 
]es is planning an exni- 
Utioaon Dreyfus eariyuoa 


year. Major sympoaums are 
pianneil - tbis fall lu Frazice, 
Gennany and IsraeL ' 

It would be sin^listic to 
see the Dr^fus affair onN as 
a Ua^ ano white oonfuct: 
right against left, authoritar- 
ianism against liberty, 
(honii against the laity, me am^ agai^ 
anariduanor thepte-fasc^ Action.Fran^aise 
against the Learie ai the Rishta of Man. 
uarim Manilas, the founder <nActi()n Ftan- 
syiri when being jutlged for cotlabbra- 
tion after World War n, tint this was'*T)rey- 
fu^s revenge.** ... 

' Yet the .affair marked not so xauch ai a 
division betw e en the Ftendi as a stmg^ for 
the oonscaeooe of a nation that sets generou 
and ttdennt laniUican values as ite ideal and 
yet so often faOs sb^ of them. 

“ItwastheErenchvriio^cm jan.5, 1895, on 
the parade ground of the Eoede Afilitrii^ 


foreta^ of faistoiy, one letter said, t 

said Whyte, "L’A&c^** c«e of ^ b^ accounts of Ae 


Dreyfus's g ranHiftim^ter - 
**Ihe writing ins on the wall, 

Miose passion, foc the affair ^ led faini to 
prodnee an opera, a ballet and a muacal satire 
cm die IDiqrfw theme. "Bfty ye^ later diere 
was mass exteoninatian. The writing is on (he 
wan again today and what do we do? Zerof** 
Thmiigh its language cartoous, the' 
IDreyfus case proviSed tite verbal and risual 
imagery of tiie Jews that later found its way 
into tiie iHop^anda of the German Nazis. 
“Over the years (tf the affair, the koguaee 

.1..: ...... — ”s^ 


ly. “It was tiie Frenidi who on Jufy 21, 
1906, in the same place; presented him with 
the cross of ^ L^jon of Hbnm. It was not 
two Fxendi nations «iftnwwUng one another. 
It was rnther two moyeroents of the same 
people.** • 

The Dreyfus affair lemains a tough matter 
for the French to swallow, jiist as tl^ it 

hard io comm togi^ with the fact that it was 


Frendi and police, not the 

to the dea 


Griffiths of IKix^s Ccril^ev LchkI^ 
se of Abuse,^ deals with 


whose book “The Use 
the pcdenucs of the Dngdus case. 

“The use ci piimhive watchwords meant 
that the affair became a series ci battle cries 
rather than aigun^ts,** he said Feeble spoke 
and wrote in a kind of riiorthaiid, using the 
part to refer, to the whole — saber for tiie 
aimy, (irbuettafor the dunriL Chamber p(>ts 
became known as Zoias in anti-Dreyft^d 
dides, after the novdist whose famous pen 
lendc; “J’Aduse!*’ hdped tarn the affair into 
a historical turning pomL 

The anniversaiy of the arrest is not until 
October altbou^ the centeoaiy has already 
{xroctnend a flo(>d of btxjks and <»minenK)ra- 
tive events, indudiog a icccat exhibitioa of 
pieyto memorabifia at the Hotel des Inva- 
lides in Paris. 


who sent Jews to the death camps 

'VlrfiyTn sudh a mu tine manner iTimt the State 
railroads oontinued billing the government 
for trampentation to Axischwitz even af to- the 
fiberatkm of France SO years a^. 


Whyte said he ieceived.no tepW ftom die 

:offa 


pp6ra Bastille in.^ris when he offoed it the 
(mera “Dr^us: The Affair,** of which he is 
the librettist 


The opera wiH be perfonned in Basd in 
October — along with the ballet and the 
musical satire — to (xxocidewith the anniver- 
saiy of the arrest It received iU prameie at 
die Deutsche. Oper to critical acclaim last 
month. 


Thus it was eexici he said, to see a bass 
: tq> to the bant ci sta^ in the Beriin 
: and riiouting “Pacense** at 3, (XX) 


OTerahc 

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004775.1427. 

TH£ SCOT S tqRK JPHESBYTBEAN) 17, 
rue Biyaid, 7S00B Peris. Mete H) Reeaa 
vSL Twnly sstto & Siridw SctBol rt lono 
ain ai«y Suidw. M waloHne. Rr HoiTna- 
lion48784794. 

SAINT. JOSEPH’S CHURCH (Roman 
Criioli^. Mif BBS Saiui^ Evatana 630 
pjn., Sunday, 9^46. 11:60, 12:15 and 
6:30 pjn. SOk avamia Hodia, Paris 8th, 
Td: 42272B8a Maltee Chariea de Gads • 

'TtotasrttoPoorhtolhUVVbrfcr.Uni- 
tarisi Unhaaaist Woid6) Senice wlh Rev. 
Alt Lester, Jine 12. al 12 noon Foyer de 
TAnw. 7 bta. lus du hsteur Wvnr. Pab 
11a. hP Bastoi Memale samica wBi Rev, 
TraiorJenasJw«26ai<nambaiVhome.Re- 
Jgioia educaKan for teene and chMerk CMd 
cae: MedtaBBn and xMuai gowfli gwana. 
Social aclivitiea. For Hormation 
43.79:99^7 or 42.77.66.77. 

STRA»OURD 

Sr: MBW (AndScar4 rt r&be das DonM 
cato Eudnnt 1030 am. comer BM. da b 
Vicioira & me de fUni w Bisfl t, SuasboiiRi 
(39e835034a 

TIRANE 

INTSWATIONM. PROTESTAlri' AS8B4* 
BLY, t todenen M flonaH EveraefeBL 
vtoes; Sbi. loeo am, seo pm, wsd. SdO 
pm R r ugaMy slym Shyd TetFax S42> 

499W nr 999BB- 

TOKYO 

ST. PAUL INTERNATIONAL LUTHERAN 
CHURCH new Bdteaahi Sfli TeL S61- 
374(L Wonhip Senee: 920 am Sintaya 
TOKVOUMON CHURCH near Onolesvi- 
do BueMV sb TeL 340M047, Vitadrip av- 
vicas Sunday 8:30 & IldWam, SSei 
9:458111 

USA 

I you worid Be a tee BUe cause to nsL 
* w aataac L’GGLISE de CHVST. PQ. 
513. SiauamtKtana 47661 USA 
VIENNA 
VnmA CHR6TIAN CafTER. A CHARS. 
I4ATIC PEUOWSHP FOR VIEMSA'S IN- 
TERNATIONAL COMHeJNITY. ' En^ 
Language * T ueiKlwma B W aL meeu at 
as IT, 1070 Vienna, 6:00 pm Bay 
', EVERYONE IS WELCOME. For 
mQiBrflaiinsfaneal:43-i^t8-74ia 


CT6EVA 
BriMANUB. CHURCH lot, M S 5M) Sin. 
1 0 am aidwrtri & tof & 4fli Sm. MoaM 
'. 3 me da Montoui ‘1201 Guma,' 
' TeL‘4V227ae078. 


neadiedtotxall. 

BULGARIA 

INTnRNATKMML BAPTIST CHURCH, 
World TTada Center, 3^ CMian Ttoniev 
BM. WmNp lino. Jamas OAs. Fbator. 
TieL704387. 

CRU/HANNOVER 

HfreRNATIONAL BAPTIST CHURCH, 


ASSOC OF MFL CHURCHES 
M EUROPE A JVUDEASr 




MUNICH 

THE CHJRCH OF THE ASCariStOH Sul 
11:45 ajn. Holy Eucharisl arxl Sunday 
SdioH Nusm Cm pRwidBd Seyboflebas- 
sa 4, 81545 kafrich fl ^ Wh c ht U L Gunany: 
TH:4a69648l66. 


ROME 

Sr. PAUL'S WITHN-THEWALLS, Sui 83) 


am Holy EutoM Ria b 1020 am Clwal 
EuaMf -- - 


jRlafl;1Q20amCltiidiSdBOllbr 
dMan 6 Niesay cam pmUadi 1 pm Spa- 
nUi Eudwlel We Napoi 58, 00184 flema 
TeL38B4BB3336orSB4743566i 


I^BUsStodyi PMorWatCMiM 

951404641a 

DARM5KA0T 

. EMFMSTADT7SSTSTADT BAPTIST MIS- 
SK3H atria Study 6 Wouhb Suniby 1020 
m Stadbirimto DaEbentaei BuasdieiW: 
22, Bfcte study 920, WDiU^lomS: PadDr 
Jtn VIMA.TH: 08l5560002ta 

NTERNATlCNMBAFTISrcHURCHai- 
Mlh. SA 102a woiahb lina Ghttofs 
oaidi and numaty: Mato at to fetmlond 
Setioot LaucNatfamei W hih wi j^ 
e e nw e rt vftbndVI o fcwdriaAldBfaiTt-^ 
tiona wel c oma. Dr. W J. DMy. Pastor. 
TM:02l1ri400157. - ' 


.BBIIIN 

AriBVCAN CHURCH IN BERLIN, oor. of 
.C ^Ab eAPetadam»ar.,S5.92Dajn, 
Wgotqill amTeL-030S13202t. 

nussBs 

THE INTERNAimriAL PROTESTANT 

CHLMCH OF mUSSElS. Suvlay Sd^ 
920 am Ctanrii 10H6 am. KatteTOeRi 

19 (rt the Int. Seho^. Tal.; 673.052l! 
Bua85.Tfam94. 

CpPBIHrilOm 


WATERLOO 

All. SAIrilW CHLRCH Isl Sn. 9 & lins 
am.Hr' “ 

T1rt5.i 

cftBWvdSundayL.-~-.-~^-~~~» 

Utiweia Ohein, Uglun. TeL 32B 3B4SS66. 

WIEEBritBBN 

THE CHURCH OP ST. AUGUSTBIE OF 
CANTS«URY,Sun.10ain.FBniyBj(to> 
riel Raridwtar O t ue e a q Wbebaan, Qa^ 
iKny.TBLdssnnoyoBTri. 


■ FRritNKFURT- 

BriTERNATTONAL CHRISTIAN FSIDW- 
SHW Ewen o eb di rm Ni U i U iu Guneiida 
Sodenemb. 11^ 6380 Bad Hontmo^ 


• Vaitov,.n8ar Rtdiua Sudy 
i 112 a T(bL 31634785. 

FRANKFURT 

‘TFMTYLLnyetAN CHliRCH I 


EUROPEAN 

BAPnsrcoNvraioN 


ANTWERP 


INTL BAPTIST CHURCH aRaia Engllah 
eenloea eri 1020 am A 620 pm Suw- 
Rea PJJtoii ea y. r ve t B r aLniuiriia w m a rt 
at FMsh House Chapel, llaNelei 69. 
Me (3Q 3.44a 2017. Brigtin. 

BARCELONA 


FAITH FELLOWSHIP INTSINATIONAL- 
iratortSCOaiKBonsNimBapieiaiur- 
(hCatocte ta CUatde Bataaer 40 Rador 
l2noeBoRlvi,Ffa.439609a 


MVGiu Hie rmovi 

M ^nwfl maps. Gannany. Sunday w» 
<1^ nuraeqr Sindeyednol 102 a 

day ♦W actoaday 192a PaetecilUveyi 
me^ Bnpem Bepto Oorw^^ 
cbreHa^unonoettoneflene.'' 

BETHEL INTSRNATIONAL BAPTIST 
OfMCH Mn Oachitoig sa Hertdut aM. 

HAMBURG 

BAPTIST CHURCH 
OF HAMBURG weeta at TABEA PEST- 

Sinday-TeL'oeoieaoeie. 

.HOUritND 

TTMry BAPttsr&a 92 a vMxiriE)iQ3a 

nursery,. «mrm faHowahIp. Maeta at 
54. b warawiaar. 


eeiEVA 

B/. LUTHER MI CHURCH of Gantoa. 20 
92tt hOer- 

non 1 1 20 h Brigkh. Teb ((S2) 3102088 

jerusaum 

UJT> gWI 0iUH01^ 

LOM)ON 

■ AMBEG ANCK2TCHtiLondonat79'Tbt- 
Mjy aRa www t»rtmssai 


• rerun 

INTEmATTONAL BAPTIST CHURCH, 
BBUL Rotortug St. ia (ShM BUe 
atidy 10,48 adoriip rt lEOOeSiSundK 
Choriaa A. WMoid. Ptotor, TeL 030-^ 
4678 

bonn/k6ln. ■ 


MOSCOW 

■NTBINATiQNM BAPTIST rmOWSHIP 
M eeti n g 1 100; Kho Carter Biritow IS tvig.. 
MBhModtmye ULShta 


TIC NTBmnNN. BAPnsr CHURCH 
BOmiKOLN. MMni Sbesae a nti. 


. CaMn Hogue, Pastor. 


BRrimStAVA 

BfabStudyhB^bh 

Pateato BepW QMrti ZAibMib 2 1620- 
1748 Cortaet Paster Jonp Kutadc. Tal; 
316779 


(0981509298 

MUNICH . 

INTERNATIONAL BAPTIST CHURCH OF 
MLffdCH Hotea 9 

gfcte leriTwto lSIervfcB 
1728 Fbatads phons 6808531. 

PriUOS and SUBURBS 

WTlSr CHURCH. 66 Rue 
das Bone Heitina. Rurtl-Malnirtaon. An 
.cvaigaoj cmioi far flra Ba hh mniriilm 
aemmwito localad bi ' ' the ' west am 
84R WMfac 1048 
^andtfenai;^ 


PriUUS 

AMEHIMN CHURCH IN PARIS. Wnbfa 
t. bus es 

rt door. Mate AkrthMseeau or InyAlaB. 

ranTSBen 

V' YIB6NA 

wwaNp In Eng^ ii;3o A.M.. Sinday 
Ig y^rwM fertamallonaL^ihna^ 
RrawetxmDonii ^gMB e ia Wanna 1. 

■WARSAW 

WARSAW IWTE RNATlONAL CHURCH. 

ZURICH 

K!g? WiqNAL PRCffB9TANr CHURCH 
““ 

& NurMV:Sun^ 11:30 ajn.. 

TSLpI)" 





ZURICH 

MTBmATIQNAL BAPTIST CHURCH of 
WSdenswa (ZQrteh), Switzerland. Pater 
Janidnt Leigrubenstr. 11 CH-8805 
RfaMerswiI, wonhfa'Serviesa Sunday 
marnfaoa112aTeL 1-70Q2&18 


4 


•# 


fS 


V 













Tough or 


IhiermatnBt HmU Tribme ^ 

L ondon — The way ^ 
the an market oper- 1 
ates- is chan^g n^t I 
under our noses bat DO i 
one takes much notice. i 

' Engaged in lethal coospeti- ' 
tion, the two leadi^ auction 

bouses in the world fight to get 

a bi^er share of dwindling art . 
sup^es. To entice vendo^ a 
connnonly used tacUc is to ^ve 
in to their requests for Idgh esti- 
mates and assorted reserves. 
When-failuies occur, as is inev- 
itable in any gamble, the auc- 

SOOtENMELCKlAW 

tion houses, blame these on. an 
**erratic** or ''fraffix!' market, or 
on the slipping dollar, or any 
excuse that can be us^ to say 
that buyers are bedding back. 

But buyos have'never been so 
keen in recentye^ This could 
be verified at dhristie*s m Mon- 
day and at Sothd^ys onTUesday 
with their eady «wnnier sales oi 
li n p r c ssionist and Modem M;^ 
teis. Reduced to figura, Quis- 
u^s sale mcgects the im^ of a 
dq>ressed market with only 23 
ctf 49 lots finding buyen. Exam- 
ined mace clos^, tfaioi^ the 

eyes of a cdlectpr, Chrisfie^s sale 
^ k)oksvery^ffeimt.ltlaghIi^ts 
the last-chance mentaliQr we- 
vailine these days that r^ted 


canvas’ to show- ^through — 
whprh u usually u commeicial 

handicap, ^ot Wt 
rtwHiph *1 £140,000 

to £180,000, the small De^ 

drove coOcctorshito a <» 

desire ending £408,500.. . 

■ In a Idling contrast, the art- 

isfs ^-TOttEail painted on pa- 
per aroiTO the same 
M a £330,000 10 £450,000 
estimate. . The medium- em- 


its stnmgest point is its rarity — 

{nowadays, there just aren’t ^ 
around, this one soared 
to a steep £^401,500. 

The other star was a land- 
scape horn Monet’s famous se- 
ries of po^ lu*»8 
the' livff Rite seen m dinaeot 
on flhieh 


orobably find a nich e, m oMy 
^5d£650,000 to £TO.000. 




ated privatdy a day 
marvdous ait is.not.uieBisfiWe 
vriieopricesgetmitrrflwntl* 

Reddess ediin^ were a mar 
jw proWem tihai mght A jsetty 

if ocmventional landscigre print- 
ed by Monet atVdheua Wl« 
£75^000. Its estimate £1.5 imt 
to iQ mtlfioD, acting as a 
deteneot, killed it. Reduced to 
£800,000 to £1.2 milHon, 'it 

would have left the Monet a fair 

fjiancfe The noost extreme ease 
of o ver e stim ation affiseted a fas- 
Fanve hmdscap e done 
by Maurice de Vlannnck m 
190& The bnudies of a 
red tree look like 
' oB into qtace. But £1.2 mulKm 
to £1.6 nnIBon is a aaiy estt- 
mate. The Vhcmindi: was unsold 
at£65OX|p0. 


QBniU wa 

While thoc are maw 
Siontts on the market, a land- 
scape of flris'quafity is almosi as 
.nnobtainable as a MancL 


Rarity per se, however, does 
not ensure magic unmumty 

• _-A failure 


v ailing these days that resulted g 
in furious competiti<m each time ^ 
anything worA considering y 
cameiq). i 

A Mir6 painting (tf 1946, full ] 
of movement and timple fun j 
with its scboolboyish faces ap- j 
nfaring here and there, shot up ] 

to£l,871,500($2.82iJtill!on),_a . 

huge price for a picture tlmt is , 
mical but far from umqn& 
Smilaily, a good but not sub- 
lime poi^t of a woman by 
Modiglianh Hanka Borowska, 
climbed to £1,354,500, 

price seems modest tf compared 

with the inflated estimate, £1.4 
millioo to £1.8 mllion —a lot 
for a small painting. 

Even nxm reveali^ 
titioa extended to rarined woriB 

toosubtleevcrtobetheoilgertm . 

speculation. SubBroe as t^ 
may be, the small 
Offias would do in the 1850s, a 
decade before he bec ame r 
founding member of tiw 
sionist grom apperi w> a sn^ 
number of connoisseiirs: ai 
C hristie’s, there was a ^ m 
this line, but a tiny onc.^nn8 is 

the portrait of a woman done as 

a preUminaiy stt^ fj ^e M 
three characters m thie -^ rilMi 
Portrait” dati^ fto«n- 
1859 Hi^ily finitiied, xt xMW«- 
thcless allows the grain rf the 


asaixisi — 

''Soth^sranonthecovCTOf 

hs caiaiogiie the pyiMt 

woman by Fr6d4nc Bazille Tlw 

painter, v*o was bomm 1841, 
mM' tragicaDy in 1870 dming 
the Fianco-Pnissian wm. He is 
seen as an important figure m 
the emergence of Impiession- 
i«n and ms woric is as rare ^ 
Manet’s. Unfortunately, w 

portrait is more intermting than 

wonderfal and its rarity is not 
mauted by a signatuK as gl^ 
osDus as Manet’a Bidding died 
out at £640,000. The estimate of 
£800,000 to £1 .2 million was too 
high. Pitdied lower, it would 
hi^ allowed the picture to pim 
throng. Eventually, it will 


3 ^e sale, So W* ^ 
would not have be» 

An utteefy unam^we 
of a woman 

was knocked down 

well bdowtte low 

2£S»^’£500.00a ^ flower 

that does htde to ra- 
I^Renoir’ssmtuie.wasim- 

Icaded only by igponng to 
£350j000 low estnnaie. As he 
brouriit,down his hamniCT. c^ 

£^ “mooo Pwndj' 

Pory almosi tiboutrf/soW- 

Looking at to wo^ 1^ easy to 

tt nditrs tand his rdUf. Ew 
this 11* hour reviSKm « 
mates. 18 of to 52 works fdl » 
their faces. Sotheby’s <M a lot 
better ***»>" Christies but ine 

hann done to to market cannot 

bedeoi^ 


T he ovcrestimation 
problem also affected 
the sales of contempo- 
rary art, altiwugh here 
too k*<-nr»«« to buy was bla- 
SuL At Sotheby’s on Wedn^ 
dav nigbi, coflcctors fou^t 
over Freuffs Suircatoi 

work “The Prints Room to 


the tune of £507,500. The same 
bul^ maritet could be ob- 
served at the lower end of the 
mar ket on Thureday morning at 
Sotheby’s. There seemed to be 
no end to the desire for ultra 
p-wnor work by Karel Appel, 
Enrico Baj and others. But 
overestimation often provw fa- 
tal to comemporao’ art as it had 
to Impressionists. Of 55 
lots, 16 fdl unsold in Sotheby’s 
Vednes^y evening sale. At 
Qnistie’s on Thursday after- 
noon, to star lot was killed by 
the estimate. At £1.45 million, 
ladders gave up on Frands Ba- 
cot’s portrait inspired by the 
portrait of Pope Innocent X bv 
Velisquee, which carried a y .8 
to £2,5 million estimate. Yet 
three colleciors competed with 
, grim detenninaiion to get an 
i Alexander Calder mobile 
» “Black Peacock.” which endeo 
I UP at £430,500. Throughout, 
contemporary art buyera 
proi^ to be as coU^ed and 
1 piaposrful as those of Impres- 
3 gomst and 20th-century aasr 

h ters. Private coUectorsaowuni- 

e ed for almost all to buymg 

i- with dealers making a few token 

purchases. It’s a tough nw 

rt ^d and one m which aurton 

5t houses are treading a ihm Une. 

to Tbey bad better look ouL 





Tiwgii#i ia Paris at a more-sen^ 

ble 63 iB^QD trancs, Too^ 

£770,000. Someboe obvi^y 
height it, hoping to make a 
vinmg In to process, to uur 

idaSed specuiatorv^ n^ 
Ty vaiirf to paintiim. too 

was n^otiated by Chriaatfs a 
day aftff to sale at aprice that 

trade sources indicated, was 

voy sligbfly hitler ibas-to 
Pam ^lire. Needless to ^ 
salesrooms an rai^, mdmeq 
to broadcast such trivia. ' 
OnT^iesday, Soth^s h^* 
imicfa more successfiol safe Ytt 
luK too, to imderiying pro^ 
t^wne came out — to deara <» 
eopdii. and thiie tendency to | 
|w«ti . np estimates. But Ihto is 
alimhio everythnig. _ 

. The two star pamtinK sefld 

- .brilliaatiy- Edouard Man^ 

smdv of a woman stanmiig ^ 

' hind a bar at to FoBes Beig^ 

^ is 000 of several that eventu^ 

L inroiied to famous pami^ 
to CoartanW Institii^ 

L 'niLoodoiLThieedecadesago,>t 
} woDld havo inqwessed no one. 

5 The brown and gray color 
r sdieme gives this particular 
L toich m oOs a rauddy appear- 
i- ance and to womatfs arasr 
: ^ai^ tnnkEkewaxiwftmg^mi 

- a fire, do not enhance its ^xpeaL 


books 



tunnel VISION 
^ Sara Parets^y. 432 pag^ 
S2I.95. Delaeorte Fress. 
Reviewed by Christopher 

I «ihmariri- HaUPt ■ 

A S usual, life is a sea <rf tion- 

Au^ VI 

shawski “ .Ttond Vi^ 
Sara Paretsk/s e^th «oyd- 
featuring her 

private investigator. -aeta^ 

Sig where Vic «n» 

b^g vacated, so to 
no Iraiger cares aboutmainlam- 

when woric is sxarcoand 

bills are BWJ» uitoi4 a 

asks Vic.to contribute her ^ 
time to finding dti jwliy a.^- 
tain bank has snddeoly 
drawn its support ofa 


nance deal As she woto ha 
wav up to chain of. Chicago s 
chiity-coiporate cewamand, 
to finds herself at to sa^ 

tito .descending tower mtotw 

citv*s ® • 

to homdess woman who 

have seen Deardre Mesen^' 

nnrdexec. RnaBy,^^ afe 

from to 

*i,» nira*s dsborate 


Vic’s life, as rea<to s 

from following h« 1 

tures in thrillers 

SMedidne,” 1 

and “Guardian Angd. Aw 
each of the gjildies m her d^ 

results in an unideasantp^ll^ . 

^J^en Vic begins to^^ , 

whv the bank has wiihdra^ts 

fiSneing. she runs mto m^ 

ine r^tance cMhmna ti^ m 

drop the invesog^not 

t he fancy ^ 

iheir , daughter, 

Emily. a dried. 

hidd®., 

BUI vu., « DOWCI- 


to neiver knew abort Woro 
Tbe imagp of floodu® tun' 
^in^TSndVisioii’-ism 
cBective touch, sa88P?TO “Jli 

rioes bo* to coarnptaon of to 

cat/s penira and to. detage rf 
Stio^pasaoB that arc to 
■ novel's themes. - , 

doesn’t work so wdl is 

dB-way Faietrior tiies» 

on our presumed 

to poor and oppitnsed, MidOT 

Si^Stffity to to Bch. and 
P^werfuL A twoHjmenao^ 
PJ^^dds in ‘Timxid Vi 


^*You wish that for variety the 

mv didn’t end up wilh a buto 

cause <rf what Vto c^ 

AaC* And you wi* that the 

-atijying, thrt there were a ht- 
^to^d«npb«t<iy to an to 

evil in the book. . , t /p«» 
StflUV. (for Victona) I. (fw 



ful 


rs^ 

who bruises 

to woric de tenaiaed t o gpt even. 

. rtuisupher Ldunam-B^t 
Tones. , 

liiEW authors 

I PUBLISH YOUR 

I ALLSUBJeCTSCONSIDB^ 

I ^ashoraVltoiW^SdolfwSed 




ONLY ONE CHANNEL GIVES YOU 


HEAL 


market news as it happens. 


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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, lULY 2-3', 1994 


NYSE 


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Tables include the nationwide orices up to 
the dosing on Wall Street and do not refiect 
late tradM elsewhere. Wa The Assodaied Press 


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Intimationd Herald Trilme, Saturday-Sundm\ July 2-3, 1994 


-M 

Ct>H/^At> fir/t> ^-2 IOfl4 


Fage 9 



THl TRIB INDEX: 1 

120 ^ 






P M A 


World Index 


~ ':.5' close;: '10 05 
PiO-'iOus: '1" 42 


R 

1993 


Asra/PacHic 


Appiox.wel0Aig;32% 
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. ..• f;- sil*-.- ' 

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1993 

1994 

1993 

1994 

1 Nof^ America 


Latirr America 


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ODse:91.06Pr«v.:9a80 

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1993 

t< WnMMax 

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France, Amianjr, Hony Ken^ ttifyi Mciteh Nrahwicndt, New 2nlM4i Monnif, 
SlngipanA Speii^ Sendm. and VMiefiiiii Far TbilyA Mam Yeik and 

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11&S 

119.15 -dTO 

ftwIWrais 

12Sil7 

12303 

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iiafie 

11756 -1.10 

Ctmaaer Goods 

9745 

9702 

-0,38 

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115.30 

11SJ50 -0.17 

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121,81 

122L13 

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Can a Divided Industry Conquer? 

European Filmmakers Find Little Common Ground 


By Tom Buerkle 

haeTUtuMul HavU Tnbmse 

BRUSSELS — For Eurcf>eans who 
elaim that the health of their film and 
televisun industry rests on their diversi- 
ty, the vital agns are not encomaging. 

Gathered here to fuid ways to codipete 
with Hollywood, Swope's trim end TV 
mr^ric and politidans put on a messy 
show of diversity, splitting sharply on the 
q^ain issues of quoias, promotion and 
i&tribution. 

Jack Lang, the former culture tninister 
of France, champioDed tougher Europe- 
an broadcast quotas only to be attacked 
by an exec u ti v e of his country's top com- 
metcial station, TFl. “Forget, forgat, 
forgiet die French example," stud the 
executive, Edome MomgMttA “French 
r^ulalkm is counterproductive." 

In the «*t"g veiii. public and commer- 
dal stadons over how to pro- 

mote more European prodoctions, a^e 
film and TV prtMucers disagr^ about 
how to seD their products across Eu- 
it^'s bwders, or indeed wdiether th^ 
ever w^ 

But for all the disowd, the indostry 
crowd agree tm one thing. It wOI take 

money to turn the tables around. Big 
mon^. 

“hmssive aid must be earmarked at 
the European lev^" said Anrelio de 
Lnareadis, with the Italian production 
conqiany Fthnanio. He defined massive 
as betw^ ijs billion and ZO billion 


European currency units (S2 billion to 
billioo). 

Th^ little agreement on how to 
raise the money. Rrae Boonell. cinema 
director at the pay-tdevision channel 
Canal Plus, suggested a levy on broad- 
casters paitemed after the one the 
French govemmeot has imposed on his 

'fiCasaive aid mast be 
earmarked at fbe 
European level/ 

Anvello de lAorentiis, Italian 
filmeKeetitrre. 

company. Others urged a European ver- 
son of France's fund-raisinK cocktail of 
taxes on dnema tickets and blank tapes. 

On the spending side, there was a 
general aversion for the word subsidy 
and a consensus that aid should be tar- 
geted at btnlding pan-Eurt^>ean disiribu- 
tioo networirs to compete wth American 
operators. The European Broadcasting 
Union, the lobby group of pubUc TV 
stations, said the EU could doable the 
percentage of non-national European 
pn^rams br^dcast from today's 8 per- 
cent ^ spading I biOica Ecus over 5 
years on distribudoiL Filmmakers also 
honed in on this point 

"Do the Amertean's make better 
films?" Mr. De Laorendis said. “Abso- 
lutely not They simply have the merit of 


believing in a single European market." 

But the most critical issue facing the 
mdustry, and the one that requires a 
recommeodatioD from the Europan 
Commission by October, is the question 
of quotas. Tbe existing Union directive 
requires 51 percent of programming to 
be of Eur^ean origin. France is pushing 
for a Union quota closer to its 60 per- 
cent, while many countries want to en- 
sure the existing directive is enforced in 
Britain, which uows quota-busters like 
BSl^B and Ted Turner's TNT to beam 
into Europe via satellite. 

Tbe quesDOD of, extending quotas to 
new coQSumer-coQtrolled technologies 
like pay-per-view is potential dynamite 
in Europe and the United States. 

Regardless of the desirability of quo- 
tas, many EU and industry officials have 
said tb^ thought governments would 
lose control over programming as con- 
ventional broadcasting gives way to sat- 
eUiie and cable systems with 100 or more 
chokes. But Albert Scharf. head of the 
broadcasting union, said quotas should 
be extended in effect by requiring new 
ehannalft to devote a minimum percent- 
age of tb^ budgets to Europ^ pro- 
gramming. 

Any altempi to widen quotas would 
almost surely reignite tbe trans-Atlantic 
film war, said Andres Vincente Gomez, 
the Spanish producer of “Belle Epoque." 
which won the award for best foret^ 
film from the Academy of Motion Pic- 
ture Alts and Sciences. 


Currency Traders Brace for Wild Week 


IWraM Trim 


By l^wrence Malldn 

/BCerMdMo/ BereU Tribum 

NEW YORK Nervous 
curreni^ traders buQt defenses 
for their doQais Friday against 
a Iqpg hedidt^ weekend in the 
United Stales and what could 
be a wild week in the markets. 

Central bank intervention 
interest-rate shifts and a politi- 
cal standoff at tbe AtHip of 
Seven economic sunumt meet- 
ing next week in Naples all 
lo^ as possibilities. 

With Iluctuarions exaggerat- 
ed hmited trading before 
M(»day*s dosing in New York 
for the indepenwoce Day holi- 


day, the di^ar hit a new low of 
97.68 yen in Tokyo, where the 
market was mesmerized by 
speculation about the country's 
jerry-buflt new government. 

Inen tbe dollar climbed back 
in Lcmd<Hi and New Yoric to 
just above 99 and started weak- 
ening late in the day on New 
York selling by trader clearing 
their books of dollars bef<Ke the 
holiday. 

The dollar dosed in New 
York at M.650 yen, up slightly 
from 98.465 yen at the close on 
Thursday. 

Tbe UJ5. currency was calm 
fear most of the day against Eu- 


ropean currencies, hitting a 
high of 1.60SS Deutsdte marits 
before yielding to pre-weekeod 
sdlers. It ended at U966 DM, 
up fremt the New York close on 
Thursday of 1 J873 DM. 

The dollar ended at 13396 
Swiss francs, up 13330 on 
Thursday, and at S.4670 French 
francs, up from 5.4^. Tbe 
pound fell to S1.5385 from 
$13439. 

Tom Moore, senior director 
at American Express Bank in 
Londoo, said dealers and trad- 
ers were afnud of betting on a 
lower dollar by buying the cur- 


rency short ahead of next wedt- 
end's G-7 meeting. 

“They are afraid to ignore tbe 
G-7 for fear that this time they 
could actually do something," 
he said. 

Although a spate of statistics 
about tbe U.S. economy con- 
Qrmtsd the trend of moderating 
mowth sought by the Federal 
Resmve Board, this bad little 
effect on the currency markets, 
which seemed to focus on the 
coming meeting? of the U.S. 
Federal Reserve Board's Open 
Market Conuniliee on Tuesday 

See DOLLAR. 10 


Murdoch Takes 
49.9% Stake in 
German Vox TV 


ConpUed hy Our Suff Fnmi Dispaidus 

BONN —Rupert Murdoch's 
News Corp- moved into the 
German m^a market Friday, 
agreetus !o take a 49.9 percent 
stake in tbe troubled Vox televi- 
sion station and to offer a brash 
mix of U.S. situation comedies 
and movies. 

Bertelsmann AG Hill contin- 
ue to hold 24.9 percent, and the 
remaiiung 25.2 peroeut «ill be 
held in trusteeship until new 
partners are found. Compagnie 
Uixanbouigeoise de TelUiffu- 
sioQ has an option to acquire an 
tDterest. 

News Corp. declined to com- 
ment on how much, if anyihing, 
it was investing in tbe company. 

Hong Kong's STAR TV plans to 
tease {railroaders. Page 13. 

but analysts said the value of 
News Corp.'s film and televi- 
aon libraries represented a sig- 
nificant gain for Vox. 

Vox. one of only three Ger- 
man commercial broadcast net- 
works with national reach, was 
put into liquidation in March 
after several partners withdrew 
from the vsiture. network 
was launched in January 1993. 
but foundered with poor ratings 
and high overheads. 

Vox offered programming 
that was heavy on documata- 
ries and culture, but Helmutb 
Runde, ^kesman for Bertels- 
mann, said it would now proba- 
bly move toward more Ameri- 
can series and more films. 

Because of its other media 
interests in Germany, Bertels- 
mann was restricted by German 
law from holding more than 25 
perorat of Vox. And the regula- 
tors blocked an attempt by it 
and CLT, which jointly own 
Germany’s most successful 
commeraal television station, 
RTL Plus, to own and operate 
Vox. 

“Obviously a deal with Mur- 
doch gives them access to a lot 


of programming." said John 
Reidy. an analyst at Smith Bar- 
ne>' in New York. 

He said Bertelsmann would 
be ideal in helping News Corp. 
find its way around Europe, 
where its activity to date has 
been limiied to .sraall, now de- 
funct newspaper operations in 
Spain, Hungsiry and East Ger- 
many. iB/oomherg. Reuters) 


Bonn Begins 
Inquiry on 
Executive 

Bf»ynberf Business Vith \ 

DUSSELDORF — German 
auiboritiessaid Friday they had 
begun investing the actirities of 
Mannesmann AG's chief exec- 
utive, Werner Dieter. 

Mr. Dieter has denied allega- 
tions made three weeks ago by 
the German newsmagazine Der 
Spiegel that he had routed 
Mannesmann orders to compa- 
nies in which his family had 
majority stakes. The magazine 
said excessive prices had been 
charged for the goods. 

“We’ve now b^un an official 
investigation." said Jochen 
Ruhland, spokesman for the 
Dus&eldorf public prosecutor's 
office. 

This was ibe first comment 
by officials on the aDegations, 
although Mannesmann itself 
has commisrioned an account- 
ing finn to check the records of 
the relevant orders. 

A spokesman for Mannes- 
mann said. ‘'We can't comment 
on it at ibis point." 

Analysis say the news will 
depnss Manne^ann's shares 
only briefly, although Mr. Diet- 
er is DOW unlikely to become 
supervisory board chairman, as 
planned, when be retires as 
CEO next week. 


ECONOMIC SCENE 


Learning to Live With a Strong Yen 


By Richard C. Koo 

^reaiaf to the Henid Tribute 

T okyo — The renewed slide in 
the dollar apinst the yen and 
the Deutsdie mark has started 
talk of “the ddlar prdMem" m 
global fingneial markets. Maxty market 
watchers argue that the dollar’s problem 
stems from inflatioQaiy fears in the 
United States. Others blame Preadent 
Bill Qinton's trade pdiCT for the ddOar’s 
weakness, even going as far as to »y that 
Trade Representative Micky Kantor 
should be Ered to save the currency. 
All of these arguments assume that die 
of the problem lies within the bor- 
ders of the United States. 3ut there is 
more ttuio one possibOi^ that could trig- 
ger a simultaneous fall in the dollar and 
the U.S. brad markeL One is domestic 

the fear of innation: the other is not 

— forrigDCEs’ selling of U.S. paper and 
repatriating the proMeds for some press- 
ing need at home. 

lo the first case, financial manets of 
the countries to which investments es- 
caping the United States flow should do 

w^. In the second case, however, it is the 

l»tteitd financial niaxikeis abroad that 
are prompting investms there to dump 
their investmenis in tbe United States 
and repatriate tbe funds. 

Since the stren^ of the Gennan ^ 
Japanese currencies is structural and be- 
ydad the reach of U.S. poIiOTakers» 
eveiyrae. indoding the Omtw States, 
must learn how to five with a stronger 
jnark and a stronger yen. 

Given that the current trouble started 


with the sudden sppredation of the marii 
in early May, and that Eurc^yean markets 
Mid the German market in partic- 

ular have fared far worse than die U.S. 
mmket smoe the start the tunned one 
has to assume that the latter dscum- 
stance is the real cu^t 
Viewed in this li^t, there are indeed 
some serious problems in European capi- 
ta «iadrM« Many Euix^Nans pariced all 
thoT available fu^ in European bonds 
at tbe beginning of the year, having as- 
sumed that the econt^c recovery was a 
long way off. They were cai^c off guard 


It is fruitless and even 
coanteipTodnctrve to talk 
about the need for a 
strong dollar. 


removed tbe incentive for Germans to 
invest abroad. So they were already well 
in re t r eat from foreign financial markets 
when the trouble struclL 
If that wasn't enoi^, Gennan capital 
markets have been ro&ed by three nuy'OT 
financial scandals this yean the disap- 
pearance of the real estate magnate JQr- 
^ Sdiaeider, the problems sumxmd- 
ing MetallgeseUshart AG and more 
recently tbe currency options scandal 
involving WaiMm AG. Notluim makes 
investois mote cautious than Mnancia] 
.scandals, and stocks and bonds are usu- 
ally the hardest fail as Irager-duration 
instruments are avoided in favor of cash. 
Although bond markets typically 


weaken with the prospect of a stronger 
ecoQom^thai sh<^ not be the case for 
stodcs. The fact that both bond and 


vdiexi eooadmic 
this filing and 


began to pick up 
ar^ fall- 


prices star^ 
ing. 

The- fact that those investors were 
“fiiQy invested" and had no cash meant 
that tboe was no one to provide a Hoot 
wbra bond prices ooQapsed In thdr 
scramble for ca^ they had to ligiddaie 
vriialever hidings they had abrora and 
rqmtriate tbe proceeds. The U.S. and 
J^ianese bond maikets took the brunt of 

ftwis geWmg . 

To make mattds worse, the new witb- 
holding tax on investment gmns made 
abroad by Gennan znvestora that was 
int^uoed at the beginning (tf thts.year 


equity prices took a nosedive suggests 
that thm is a real confidence problem in 
European capital markets. 

In other words, whatever ca^ Europe- 
an investors were able to ^ almid of, 
bodi at home and abroad, went strai^t 
into the deq>freeze the Eurtq}ean 
sbrat-term nxmey market result was 

stronger Eim^>ean currencies and weak- 
er Eniopcan capital markets. 

The Bundesbank imticated its aware- 
ness of this problem when it stated that 
the reason for tbe lowering of the Re- 
count rate in May was to make long- 
term instrumeats more attractive relative 
to short-tom instruments. This is a high- 
ly unusual statement from a central bank 
tiyii^ to pud cad firtnen in the dort- 

See YEN, Page 10 


CURRENCY & INTEREST RATES 


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How to Profit and Avoid Taxes by Setting Up 
YOUR OWN PRIVATE INTERNATIONAL BANK 
for less than US$2,500 (incl. Banking Licence) 
in a UN Recognized Sovereign Country 


jLou don't have to be super-rich lo set 
up your own bank. It may seem unbeliev- 
able, Iwt tfs true; for less than S2.500 i-ou 
can acquire a bank charter and bank licence 
in a UN recognised sovereign country. 

With your own offshore bank, you can 
participate in all those many siock market 
and bi^ess games you thought were the 
preserve of people the Rothschild’s, the 
Morgan’s arid the Rockefeller's. 

This new Report on how to 
"SET UP YOUR OWN PRIVATE 
INTERNATIONAL BANK" from 
Or. Gerhard Kurtz teOs yon where 
yon can set np yonr bank, what 
atepi yon have to take, how to apply 
and who yon can torn to for assis- 
tance. 

You'U discover; 

9 The 8 mdependem states and British 
Qoww Colonies where the minimum of 
money and red t^ wifi buy you a bank 
licence - and olScial recognition wxirldwide. 

• ITie names, addresses, phone and fax 
numbers of the well-connected local 
attorneys who'll make it happen for you. 
(The process involves ncoipoiating an 
o^im cotnpany del) and then success- 
fully applying for a banking licence.) 

# Ifow* you can ifaen operate your bank 
sheO rostered at the other end of the 
trorid in your European, American, 
Australian or other homeland w^ihoin anv 
ariditimal permits. 

10 Ways to Profit from Having 
Yoor Own Bask 

1. Settle your bills punctually but with 
cheques drawn on your own bank perti^ 
5,000 miles away. TTie cheques will lake 6 
weeks lo cie ff before diey'ie presented for 
collection. "Floating ume" like this can save 
^ 5-figine imerest per year. 
i. Invest some of your assets in y’our bank 
where your money will be safe ih>m 
revenue authorities, creditors and envious 
persons. Your bivesunents wont be in your 
name, of course, but in ihe name of your 
nominee director. 

3. With assurances in writing from your 
own bank, youll never have to worry about 
your cretfil standing again. 

4. You can go into the loan business and 
pocket often exorbitant interest rates for 
yourself. 

5. If you trade, you can issue your own 

Lettcry of Ciedit saving on interest chaiges 
and other fees. 

6. Yra can have your bank handle your 

stocks, bonds and precious meials transac- 
tions - saving you coDniissions and fees. 

7. Your bank will have the right to print 
its own cheque books, emboss its own 
credit cards and even issue its own 
securities. 

8. If you need a loan from another bank 
you save on commissions and expenses, 
since one bank will always give another 
bank a discount 


your bank issue bank piarantegs and 
ngfergnees -.. how being a bank owner 
enables you to successfUly request 
mronnation on cTedit_standinp about simply 
anyone... how your bank can found other 
banfa for third parties and enjoy up to 90% 
rrarfe dKcount or speaking in figures: save 
USS140.000... what you absolutely ^uld 
know about sham hanU and how to never 
fall for one... where you can still push 
ihrouch the term "BANCriRP" for only 

ussfe.. ' 


9. You can even access cheaper money 
by soliciting deposits from savers and 
consumers dire^' without going through 
any middlemen... 

These are a few of the w'ays others are 
cunently profiting from owning their own 
private offshore banks-. 

Here's wfaat dseyouH learn from 
tbenewKnrtz' Report: 

... Ov-er 1 00 image increasing 
names you could give vouT bank to 
achieve maximum success... 

About Che Author 
Bnum Gemany, Dr.Gotvcd Kure 

»ncte S a m's preyin g ,y« - which bank 
au^sorieoTjoa^isiDiiwcjiB^ chartering offers you must never accept... 
myfbudutaubinkcnaiidcbQ^ and much, much more. 

bisiiiBSPcslotryaiidsi^OresshsiD .m. f .. 

itimiipii yiini mmi w itni tt»> pf i if fhii nfhiimfagdsnf Tfic time 10 Start pian/ting the iOUndiitg 
icsUca&e»overtwodecatoheiogotihroiKcaw-asainu of youT Own private international bank is 
‘^‘^'^SScosmopoUtax.DrKurtzha. here and now. The legal requirements 
ID Eiitorefaeveral Germaa maguinm. a rrsTiaaotr 
caitribtAoriD'5{>iesel’'.‘‘S(an’*aRd''NeiisRe%'ue^ and 
hu wajaeaseiml hooks raid Repons includjog "22$ Tu 
Havtas’'. "HowId Avoid Taxes'*, “Uow to Gn a Second 
tassfon’*,“HowipMakeMcs>ey’*aDd*’HiwtoCainYoiir 
Rielus”. He also published *'Kwts.Brier.asicce&sful 
fuaDCial nevrsletier.aifltae wriUen a series oi^secret 
Rpoib” on bo( issues such ax Tax Evasion . 



how to satisiy' the requirements 
to open a re al and proper hank branch in 
Limdon. New York or Rio . . . how your 
bank can be managtid for little money by a 
company domiciled in Canada in the heart 
of the North American continent which 
enhances your image but keeps it away from 


are becoming more aring eot and the cost/ 
capital require- 
ments are in- 

creasing widi 
each passing 
day ... 


how to use your own bank to convert 
Hiihinus claims which Otherwise would get 
linle mgrev from judges into ntisnlutely 
kyaHv recovgrahle claims. .. how 10 
glorifi’ simple real estate agencies. 

hrokgraee or insurance firms by running 
them as departmenis of a smart bank... 
how to take out nnn-transferaMe rands 
£om South Africa or roubles from Russia 
with the help of your bank... how to keep 
house, car wd other personal property salk 
frnm fltL^rhment b.v youT bank's interven- 
tion,.. how to have 


gWlWPPBOt 
■m A-void TtoM 
torSMaai^ 

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Page 10 


INTERNATIONAL HER ALD TRIBUNE, SATURDAY-SUNDAY, JULY 24f, 1994. 


MARKET DIARY 


Stabilizing Bonds 
Give Stoc^ a Break 


Qm^tiedbfOvSt^FnmDi^mdie 
NEW YORK — A stabiliza- 
tioQ in ibe dollar and Ttnasuiy 
bond maricet on Friday gave die 
stock market room to stage a 
small rebound from recent 
losses, but many analysts placed 
little confidence in the rally. 

The Dow Jones industrial av- 
erage ctosed 21 .69 points higher 
at 3,646.65, whDe gaining issues 


the dollar which gave a boost to 
the bond market and supported 
stocks, but there was no buying 
conviction whatsoever,” said 
Robert Walberg. an equity ana- 
Iwt at MMS International in 
CU 


U3. Stocks 


Mitnumbered losing ones by a 
4-10-3 ratio on the New York 
Stock Exchange. Volume was 
only 197.3 million shares, down 
from 293.4 million Ihursday 
and the lightest since eariy Feb- 
ruaiy. 

The price of the benchmark 
30-year Treasury bond edged 
down 1/32 point, to 84 4/32, 
while the yidd was steady mth 
Thursday at 7.61 percenL 

Ribi Immim ncHem Research 
plunged 3^ to 4, after the bio- 
technology company said its 
most advanced drug had failed 
a human triaL 

“InitiallY, it was recovery in 


-icaga 

Many investors were reluc- 
tant to set positions before next 
wedc, when the Federal Qpen 
Market Committee meets. 
Some analysts are eiqiecting the 
meeting to result in another 
raising of interest rates by the 
Federal Reserve Board. 

f-aainn siocks rallied after re- 
ports that Bally Entertainment 
was seehing federal antitrust 
clearance to acquire a major 
stake in Circus Circus Enter- 
prises. Circus Circus jumped 
496 to 2SVt in active trading. 
Bally rose 14 to €h. 

IBM fell 114 to 57 in active 
trading alter being lowered to 
h(rid from ou tperform by a Leh- 
man Brothers analyst 
Advanced Micro Devices 
rose 1 to 26 after i^orting a 45 
percent increase in second- 
quarter earnings. 

iBloanberg, AP) 


DOLLAR: Traders Are Nervous 


Ctm M wm i mA Enmi 9 

and Wednesday. At those meet- 
ings, the Fed set monetary 
policy for the rest of the yev. 

Tfaim was a mild mflgrinn 
scare when the National Asso- 
ciation of Purchasing Manage- 
ment rqxirted that its price in- 
dex rose to 73,5 in June from 
71,5 in M^. But that is a nar- 
row pauge and runs counter to 
slowing oonmiodiQr prices. 

Four tunes this year the Fed 
has rignalad a rise in short-term 


PDralgn Exphang* 


interest rates in a program to 
tighten credit against concerns 
about domestic inflaxioa, which 
had little to do with the dollar 
and hardly stabilized it anyway. 

A^ although Wall Str^ has 
been calling for the Fed to raise 
rates yet again to the dol- 
lar, analysts doubt that the Fed 
will throw away one of the few 
American cards to be play^ at 
the summit meeting raising 
rates beforehand. 

Some add that the Fed is 
more likdy to wait for the June 


The shortened trading week, 
therefore, is likely to see a ner- 
vous gaiM of pohlical and fi- 
nancial positiraing that could 
include a raid by central banks 
on ddlar holders if they are 
overextended. That fear alone is 
likely to keep traders in line. 

The Japanese put their sum- 
mit marker down for help when^ 
Ryutaro Hashimoto, the minis- 
ter trade and industry, said 
that wtdle it would be difficult 
to coordinate interest rates at 
Naples, the current level **is not 
a mus for the United States, 
and at the same time it is not a 
plus for Japan.” 

The French will also support 
coordination for currency sta- 


wa Auonond Pnm 


Mr! 


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bility, but most pressure will be 
directed at the United States to 


HarkstSaIss 


TMOV 

4:H 


NVSE 

Amex 


197.2f sail 

1163 2L0S4 

IMiO 3S1JI1 


Dow Jones Averages 


open HMi LOW Lost Ota. 


3iS4i2MD.50«SiB964&AS -i14» 
Trans l«0151 M1(U7 IS9&S8 I41(U7 -IA79 
uni I7ES i7aa 177 . 0 s I7az2 -las 
camp ir«.17 ISTEJS 1St9J9 I37B3S -9.0S 


standard A Peer’s bMtoxss 


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519J9 5T5A7 SIBiS +134 
38120 38179 3B7J7 +1i« 
ISlift 13121 U4M +005 
il$3 44.U 4453 +025 
44145 4432B 44420 +123 
4U.IB 410JI6 41X39 +X1I 


NYSE IndesESS 



Moll 

Low 

Last 

Om. 

Cemnestte 

IndusiTiGH 

Transn, 

Uliniy 

Finance 

3449 

30X04 

34320 

301)9 

0XU 

34524 

30121 

23223 

3a!» 

aguo 

2469 

3039 

74X0 

soil) 

0020 

-1,17 
• IJS 
*121 
*023 
*129 

NASDAQ Indexes 


Moll 

Lew 

Lntt 

Om- 

Camtesiie 

indusrtals 

Bonks 

Insurmwe 

Rnwim 

Transn. 

7069 

71527 

75X74 

57728 

989.10 

40823 

70423 

7139 

73478 

577.16 

93X06 

68426 

70473 

7149 

75X74 

5779 

79.10 

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*19 
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AMEX Stock Index 


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Lew 

last 

Cha. 


474.W 

43X75 

43473 

*024 


Dow Jones Send A 



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ctroa 




lOUniltiea 

7151 


10 Industries 

NON 

+ 001 


NYSE Diary 


AdwncM 

Dadinad 


TOMI 
New Mohs 
New Lowe 


1380 

816 

7D1 

3791 

14 

99 


9S1 

127S 

401 

7834 

IS 

109 


AMEX Diary 


Adwoneetf 

Oedined 

Undionged 

TaMieMiee 

N c w Ul d a 

New Lows 


210 

790 

9 

22 


318 

305 

230 

543 

12 

41 


NASDAQ Diary 


Aip wn ced 

Oadinaa 


TlBicd Issues 
NewHWB 
New Lows 


1530 

1525 

2007 

5043 

51 

94 


3016 

130 

17R 

5051 

a 

140 


Spot O onanod Blaa 


CemaiodltT Tedor 

AluRihMim. lb 0.574 

CDH0e.am.ib 1J2 

Copper eleelrui»ilc.O i.ii 

lrenFOB.lan 21320 

Leoao 026 

silver, iray ee 525 

Steel (aerop). ton 13423 

TublD rta 

Zlnclb OiSH 


122 

1.15 

21320 

026 

536 

13422 

32003 


EUROPEAN FUTURES 


MeUs 


ProviB ui 

BM am 


CIOM 

8M Ask 
AUUHINUM mhh Grwde) 

Donon per metric ton _ 

Seal 148550 MB620 147120 1^20 

r etwerd 151020 151120 149720 149820 
COPPER CATHODES (HM OrodO) 

Dalian per metric ten _ 

Soel 94wen 362450 8367JB 236550 

Ferwora 264U0 230620 238720 

LEAD 

Dolton per metric Km 

^ iSS! ^ ^ ^ 

NICKEL 

Dellen per metric te n 

M 632D20 632520 6140lOO 61502P 

Krword 661020 641520 633020 623520 

TIN 

Sefl*"' ^ "nluo’^STDOO 524020 5850 .00 
Forward 543928 081529 532020 

aifC (Seadel Ktoh orada) 

Pe nan eei i i ii i i I I tew _ _ . ..... 

Saot 9S9i0 06QS0 9920 

Forward 98320 98420 97620 97720 


Financial 


Hlob Law Clan Cbaaoe 
34WOMTH STERLING (LIFPE) 
eokOBO-pneniopct 


Jea 

Sop 

Sec 


Dec 


9420 

9426 

749 

+ 09 

7375 

7X48 

7X71 

Unen. 

9X07 

92J7 

939 

Unch. 

9X27 

9X37 

TIN 

-021 

91.97 

719' 

71 J2 

— 09 

919 

7127 

n9 

— 09 

919 

9171 

09 

— 021 

7129. 

9121 

919 

—09 

9026 

7XS4 

909 

— QM 

7X71 

9X59 

7024 

— XI3 

7X0 

9024 

7X44 

— XII 

TON 

7X9 

909 

— XI2 


Eat. wDlunw: 2& IS. Open Inl.: 52fcS60 
3M0NTH EURODOLLARS (UFFEI 

timlMnn ptinfiitnrrr 

IS ^ ^ ^ 

Mr M.T. H.T. 9347 —026 

JOB N.T. N.T. 9327 —■26 

Sea N.T. N-T. ai3 —026 

Est volume: ZTi Opwi int.: 5272. 
SGMMiTH EUR064ARKS (UFFE) 

DM1 lallllOB.eteorioOpct 
Sep 95U 95.n M.13 +022 

Dec 94M 9429 9494 +023 

Mar 9427 9440 9446 +D23 

Jua PJT4 9416 9433 +024 

sS 96M ^ 940 +025 

Dec 93J4 9X60 93.74 +OM 

Mer 9X56 93M 9X24 +oS 

iUB 9X33 9X25 9X31 +023 

S4P 9112 9320 9114 + 025 

DOC 9X29 9Z89 «22 +0« 

Mar 9X31 9X73 9278 +DlS 

JM 9X65 92M 9^ +022 

EM, vahinie: 51241 Open tali: 857283. 

3 MOUTH PI BOR (MATtF) 


Ff=5raUHoa 

-otseiisend 


—09 

Sap 

7435 

749 

9634 

Dec 

94.15 

M9 

W.12 

—09 

Mar 

9X« 

Tin 

9X35 

— 029 

Jea 

fX4l 

7324 

7X9 

—027 

Sen 

739 

9XN 

7X9 

—XII 

Dec 

7XU 

9X9 

9X07 

-XII 

Mar 

73J6 

72M 

9X98 

— X13 

Job 

7X35 

7375 

9X75 

— X15 


Ed. volume: 29231. Open Inl.: I9522L 


LONS GILTJUFFg ^ 


00801 • Pta « 8Mtf IN pd 
Sep I0LT7 N.10 9921 UndL 

Ed.TClUBw: 31241 Opea lei: INiNl 
GERMAN ISOVERNIMNtr BIHID (UPPS) 
DM 250SN - PN N IN PCI 
Sep 912S 9125 9U0 —026 

Dee 9121 91.12 9125 —AW 

Ed. volume: 107276. Open Ini: 151196. 
M-VSAR PRENpi GOV. BONDS (JMATIP) 
PF50MN - Pis oTTN Pd 
Sep 11A40 11425 1U74 —028 

Dec 11416 11X56 11X26 —020 

Mar 111a 11110 11112 — OW 

JOP N.T. N.T. N.T. UndL 

Esivdume: niTTiopantad.: 136209. 


Industrials 


Htota Low Lad Settle Cine 
GASOIL IIPB 

U&ctoCm Mr nwirle lew4ols of IN line 
Jd 15620 15100 1S420 1S12S —035 

AUt mss 15720 15720 15720 UndL 

Sep 1602S 15920 1SM0 15920 +fta 

Od 1637S 16125 HITS M125 UndL 


Hl«b Low Lad settle one 


NOV 


16175 16325 16175 16420 UndL 
M62S 16525 16&SD 16520 UndL 
Job MLS MS2S MLOB 16620 UndL 
Ea.volunio:riA. OPin int 1&8S3 


BRENT CRUDE OIL (IPE) __ 
U2.d5lloiSMrMrTeHft9«M2Nbarnii 


AH 17.73 

179 

1729 

179 +09 

Sea I7N 

T79 

179 

T79 +XN 

Od 

79 

17.13 

17.17 

17.17 +021 

NOV 

7,15 

1727 

1727 

17JD —024 

Doe 

717 

nj» 

17J3 

09 —021 

J« 

79 

MIK 

159 

09 —022 

FSB 

X90 

14.90 

15N 

1422 —827 


XT. 

N.T. 

N.T. 


AST 

XT. 

N.T. 

N.T, 

M9 —09 

EsL vohimt; 0,213 . 

OpentaiL 144413 i 


Stock Indexes 


Htota 

me MB (UFFE) 
mao'lMMXPeM 
Sep 39612 29002 39492 +302 

Dec N.T. N.T. 39572 +302 

Ed.vetaNne: 122N. Men Int.: 51261. 
CACNMATIPl 


M 

Am 


Dec 


18SS2B 186620 -+1)28 

188620- 188620 IB742Q -+HN 
IMX2D 187820 1882 20 ■+1220 
N.T. N.T. 198920 >+1220 
194620 194628 193620 -+T4J8 
Esi.vdumR 29218. Open tali: 69265. 
Sovrcps; Mafik Aaaoclatma Press, 
Lendan Aid f^eanOol Futures Exehmae. 
mn Psmieum exatengs. 


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05437437 


U.5./AT THE CiDSE 


PuTcliasers’ Price Index Goes Up ^ 

NEW YORK (AP) - More iadiisnid 

prices for maieiials in June factory puicfiSng 

the weeter of W^cr infljfl^U.S. factory puicqaang 

of Purchasing 

ter of overall manufactunng growth* fell w 57J percoi 

chief 

economka^^ wasTmehangrfm itoy 

m fm fhj ' -tn the late^ s^n growth is moderatiiig; .. 

^pkr^t said the todaof Leading Economic Indicators was 

atToi.2. 




t 


• I } 


Irll^ 

U’‘ 


In anotlw repon on Fdday. the 

: ^pereent in May, the fliird siraight W 

!-i .wwiLnimMit ouuavs totaleo 


spending rose — ^ 

ResidendaL nonreadendal and 
SS04.2 billion, up from a revised 


, t outlays totaled 

1.5 billion in ApnL it said. 


Rating Firate Reviewing CBS Debt 

•O- - . . . A Pi 


NEWTORK (Combined Dispatches? — 

Carp, and Moody’s Investms Service said Friday that they had 



senior oeoi <m L.reouwa*ca ""i. -,jn{«n 

said it had placed itspreUminaiy BB+/BB- rating ot $400 nall^ 

ditWatdi with pbsitm in^icanons, after CBS s announoeo^t 
Thursday that the two conipanieswere dose to a loeT^ dew. 

- Moody’s placed CBS Ihc-’s 43 senior unsecured 

undwreview for aposabledowngrade, 

to merge with QVCmy require about $1-7 bflh<m m 

firnnyw* payments to diarehdd^ (AFX, Bloomberg) 


BankAmerica Aids 2 Mutuid Funds 

SAN FRANCISCO (Blooinberg) —BankAmerica C^tp. said it 

had inected SS0.S *niiiion into two num^maricet funds that 
suffered derivaiives-related losses, the seoond tune in a month 
that it hari moved to bail out some of its mutual funds. 

The secmid-largest American bank punmed the money mro lU 
Padfic Horizon mne Mbney MaxLeC Fund and its Pacific 
Horizon Govenuoent Fund because of thdr mvestments m oom- 
jdex vcdatile.derivatives known as structured notes. 




SEC Seeks Fnnd-Pridng Inquiry 


WASHINGTON (AP) — The Securities and Exchange Com- 
misskm and members of Congress are asking ^ mutual fund 
' industry to investigate problems with transmitting mutual fund 

prices to ne w qi im ers. 

The industry has responded with two mitiatives aime d at 
hnpmving the pTOcess: extending a de a d l i n e for frmds_to rqiort 
pn^ and examinmg other system improvements. The i^ue 
pirrterf ' attttfirinn after BostonA»sed Haelity Investments last 
mvwiif aritniHevi ih»t on June 17 it sczit out day-ttd prices for ISO of 
its 208 y»***”»t funds to the NA5D. ' ' 

The SEC 4*airinRTi, ArthuT Levitt Jr^ asked the ihdus^ to 
provide an ^'assessment of the nature and extent of e x isting 
problems in the mutual fund xodnstry.” On Thursday, 


Edward J. MaikOT, Democrat of Idassachusetts, 
the SEC to investigate problems distributing mutual fund 


employment r^ort, which will 
be piAlished Friday — just 


when the summit meeting 
starts. For the Fed, the key 
pennts are whether job creation 
goes over 250,000 and whether 
the dive of latt month's unem- 
ployment rate to 6 percent was 
a statistical fluke. 


do the heavy lifting by rairing 
its rates, pressure that Treasury 
Secretary Lloyd Bentsen has 
ma^ it clear he would resist. 

Mr. Bentsen said he would 
demand that the new Jiqiauese 
government stand by its prede- 
cessors promise to cut taxes 
and thus boost imports. He also 
told reponers that he would ask 
Japan to do its part ty cutting 
interest rates. 

Anthony Lake, the national 
securi^ adriser. made it dear 
that the While House would 
prefer not to have President Bill 
Clinton involved in the messy 
business of haggling over rates. 


prices to newq>^>ei8. 


YEN: Curremy Turmoil Has Its Roots in Japan and Europe^ Not the 11.8. 


Cootumed from Page 9 
term m<mey market into bonds 
and equities. 

When investors are strapped 
for cash at home and uyi^ to 
repatriate funds from abro^ 
no amount of central bank in- 
tervention to support a cunvn- 
cy is IQcely to work, because 
those investors are in no posi- 
tion to lesdnd their repatria- 
tion efforts. This is all the more 
true when the need for cash is 
magnified by financial market 


.arandal.c and tax rJiang^s at 
bomcL 

In fact, imervention may ac- 
tually accelerate this process, 
because central banks are eflec- 
tively offering investois the last 
chance to sdl their dollars at a 
good rate. 

The reason for the yen’s ap- 
preciation against Uie dollar 
this year also cannot be found 
in the United States. The gover- 
nor of the Bank of Japan, Yasu* 
shi Mieno, slated plainly last 


week that the origin of the 
strong yen was Japan's $ 130 tril- 
lion current account surplus. 

Repeated coitral bank uiter> 
vention could not st^ Japanese 
exporters from selli^ doU^ 
because the exporters needed 
-yen to make payments to do*' 
^mestic suppli^ and woikers. 

The point here is that the 
remedies needed to slop the ap- 
predation of the yen and the 
mark are both totally outside 
the leadi of the UJS. govern- 


ment. Germany most find a 
way to restore confidence in its 
capital markets, and Japan 
must find a way to increase im- 
ports to take the pressure off 
the yen. 

In other words, this is a rare 
case where the dtrilar is not 
weak, but the yen and the mark 
are both strong. 


Mr. Koo is a senior economist 
at Nomura Research Institute in 
Tc^kyo. 


Fhrst Bank to Buy Metropolitan 

MINNEAPOLIS (Comirined Dispau^) — First Bank System : 
Inc. Friday it had signedn lett gef m tent to acquire Metropoli - 1 

tan F inanrial C^. for as miich as $877 nulfiiQii in stock. 

The pngiriidri nn Mhnn agmlis-hased Metropolitan Financial 
win almost double First Bank Syston’s tomefa network to 426 
offices in 11 Midweston and Rodky Mounttdn states. Ibe pur- - 

chase also will allow First Bank to mter Netnraska, lowi^ Kansas . 

and Wyoming. 

In other mergers announced Friday, New York Bancorp Inc is 
acquiring Hamilton Bancorp Inc a stock swap valued at about 
$133 milK on- First Vir^ma Banks Inc ^ acquire the 2&<^ffice 
Fanners National Banepro. of Annapolis, Marjdand, for $151.9 
mDUon m stock. And Umou Hanters C^. buy Grenada 
Sunburst System Coip. of Grenada. Mississippi for about $361 
milli on in stock. (BUfomberg. Kni^t-RuMer) 





WORLD STOCK MARKETS 


A g ppi Renee fme July 1 


Amsterdam 


ABN Amro HM 

ACFHgldbv 

Aegon 

AheH 

AK»Nebal 

AMEV 


eSM 
OSM. 
Eleawtor 


GbPBraeaSn 
HBG 


Heeoevens 


5920 5890 
4320 4320 
9130 91J0 
4420 4420 
191 191 

70.10 7020 
3620 3720 

46.10 6420 

13920 12620 
15320 153 

1520 U20 
4420 4S30 
29520 29520 
315 21520 

73.10 7120 


HunterOawgtoe 7320 7X40 


IHC Coland 
Inter Mueller 
Inti Nederland 
KLM 
KNPBT 
KPN 


Ocf Grinien 
PalRoad 
PMDps 
P ulywoiii 


Rodamee 

Rollneo 


RayolDvW) 
Stork 
Unitovor 
VMOnuneran 
VNU 


3420 3620 
7720 7720 
7620 7620 
5020 4920 
4220 43 

4920 49.N 
6320 6X10 
7320 7420 
4620 4420 
5120 SLM 
7120 7128 
11X20 11520 
5520 — en 
1U20 IlUO 
1620 17.10 
M020 M7JD 
4320 4430 
15120 11120 
M 4020 
1722D 17320 


Wenan/Kkjwar 10X10 10520 




Bru sse l s 


AGFtai 

Atananll 

Artaed 

Barca 

BBL 

Bekoert 

CSR 

CMB 

CHP 

Coceemi 

rvAi— w 

Ceiniyt 

DeNtobe 

oeciiuiiLi 

Etodraflito 

GIB 

GBL 

Govoerl 

GtoverPel 

immotael 

Kfe dto ttaeiita 


wn eaw 
7S7Q 7570 
44fi 44N 
2150 2M0 
4170 4ZN 
23875 MDS 
12400 13400 
2250 2Z7S 
2m 20N 
177 179 
SNO 56« 
73N 73N 
1334 13N 
SON S5U 
3840 3240 
U6S m 
4120 4N0 
9IN 8980 
449 4490 
3050 3000 
6400 6440 
1470 UM 
TOND 10150 
. . .... 38N 20N 

Reetleel 4W 464 

RovotoBatoe 49N SNO 
SecGenBonque 0130 B20 
SocGonBatotaue 3150 2175 


Senna 
soivay 
To s Nndcrie 
Traetebel 
UCB 

Union Mlntore 
WopmUte 


imoims 
MOTS 14150 
MO 9650 
9770 9800 
339N 23950 
2SM 36W 
NA 6010 


729725 


Frankfurt 


AEG 179 ITS 

Alaiol SEU 3M 370 

AlliOfS Hold 3370 2352 

AHano 4N 614 

Aska ION 9N 

BASF 3062020840 

Boyer 34620 3N 

Bay. Hypo bonk 413 415 

BeyVoretaabk 442 449 

BBC 

BHPBonk 
BMW 

CO WWefNO nk 
Caatbiafttol 
DolmtorBeni 
D eS w ON 
DIBiNcadc 

iBsnk 


699 663 
39120 3N 
784 790 

3U 394 
34^84^ 
710 739 
47M047I20 
3302D329JD 
6N679J0 


507 SM 
Drasenor Bonk 279 377 

PtMmvilite 305 302 

FKnwpHeadl 80620 2N 

Horponer NA 383 

Hmkol 585 586 

HOCMtof loss 1025 

HeeGot 32A70 329 

HolBiiam 9U 196 

Horton 315 310 

IWKA 378 373 

Kail Salt 136 135 

KorsMI 576 SU 

KauRiai 4» SH 

KHD 146152M 

KloeGutor Worke 14S201SZ20 
Linde 192 912 

UiWwiM 11919X50 

MAN 4N 393 

Monnesmann 4ns ea 407 

MetolMetell 

Muenen Rueefc 


PretnsoD 

PWA 

RWE 

RtaetaimeMli 

SdiWtaig 


20520 204 
3850 2870 
778 770 
443 447 

238 2N 
4142D4I820 
aOD 304 
95120 961 


OeeaFrev. 


SIlllto M 

Thv a een 

Vorfa 

voba 

VEW 

VlPO 

Vokswapen 
Weito 
DAXJ 


655 65620 
2U39320 
3N 316 
4992050X50 
342 355 
46X10 457 
4702047820 
«4S 935 


Fnvtou: 77728 


Helsinki 


Amar-yMynw 

Bnee-Cwlsatt 

HuMamoU 

KCP. 

Kymmene 

Metro 

Nokia 

Female 

Repela 

Stedunann 


ns 134 
40 40 

170 m 
11 II 

113 115 

IN IN 
«32 435 
61 67 

N 9120 
203 210 


HBX.Iad^,j^ 


Provtops: 


Hong Kong 


Bk EattANa 
Cottiov Pecifie 
Oiourio Km 
CMiie 12^ Pwr 
Doirv Farm infi 
HmLUtoDrv 
Hm Sene Bonk 
Hcnderaen Land 
HK AlrEne. 

HK CMnoGes 
HK Etocirlc 
HKLond 
HK Rfollv Tnni 


HSBCHGfflnga 


HKShm . . 
HKTnItcenim 
HKFarrv 

nWI01 TVTIQRmQ 

HvsanDov 
JortineMdiiL 
JgrdtaiesrrHJd 
Kewdeen Meter 
M endu rin Orient 
Mlmmor Hotel 
NnwWnrldDew 
SHRPraee 
Stolux 
Swire Poe A 
Tal Oieiine Pm 
TVE 

,wtierrHeM 
WtatoOnCeinH 
wmer Ind. 




3X30 3320 
1125 1120 
3X90 33J5 
3870 3920 
1020 1020 
II2S 1X10 

5125 a 

3X10 36 

40.90 4220 
14J0 M.90 
2X70 2320 
1920 1920 
21 2120 
8425 8420 
11.M 1IJD 
1425 M2D 
1X30 1320 
31 S2 
an eg mt 
S7SS 5*20 
3X40 29.10 
1320 1320 
1040 11 

a.io 21 .N 

31.15 2120 
4110 4420 
3JB IN 
SX2S SS20 
1120 1120 
X48 X4B 
2X10 2820 
1070 1070 
1120 1120 
063627 


Johminesburg 


AECI 
Altedi 
AistaArner 
BerloM 
Blweor 
Buftois 
Do Bears 
Ditolantolii 
Coneer 
GFSA 


Highvgid Steal 
Ktoal 

NedbaikGrp 

Ransientein 

RiPPlot 

SA Brows 
stHeiem 

Sfffni 

Weoteni Dooe 


^rSiSpn: 


2520 2425 
NA 111 

3425 34 

9 825 
45 42 

IN ia 
6420 6125 
1850 1020 
114 116 

3675 S 
27 27 

5X75 5235 
3250 3X7$ 
a 43 
9X40 «3 

8425 N 
45 43 

3425 3425 
200 195 
560X51 


London 

Non 
Allied Lyons 
ArloVImlns 
Ai^lGroiw 
An Brtr Poods 


4 

X46 


193 

523 


229 227 

223 320 


BAD 

BaikSceilond 

Barclays 


XM XN 
120 827 


BAT 

BET 

Blutarcle 
BOC Group 
Boots 
Bowator 
BP 

Brti Airvom 
BrtlOH 
Bril Stool 
BfH Te l ecom 
BTR 

Cable wtao 
CodburvSeh 
Gorodon 
CealaVIvtIta 


423 

129 

£21 

X09 

329 

1.13 


428 

127 

X19 

UD 

4 

1.15 


IN 154 
521 6.91 


522 

427 

191 


522 

427 

ito 


326 174 

Z26 228 


125 122 

IN IN 


328 

424 

420 

IN 

111 


154 

425 

42! 

lOS 


CammUnlen 

529 

99 

Aceor 

573 

614 

Ctortaukta 

477 

471 

Ur LtouMn 

737 

736 

ECC Group 

SJS 

336 

UeaWAlsthein 

SN 

01 

Enterprise Dll 

Xto 

xn 


22292349 

Eurohumm 

29 

225 

Ranealre (Cle) 

40 

491 



CiesaPrav 


IJ1 

124 

Farie 

XN 

77* 

GEC 

29 

32 : 

GcniAcc 

524 

521 


524 

52! 

Grand A6at 

411 

4R 

GRE 

ITS 

1.71 

GuMneet 

AN 

421 

GUS 

10 

544 


244 

70 

HIlMawn 

122 

124 

HSGCHWPi 

79 

79 

ICI 

79 

7.0 


424 

427 

Kingfletaer 

59 

494 

Lodbroke 

124 

123 

Land Sec 

4N 

XII 

Lonnrtn 

7.10 

7.18 


124 

125 

LoMiGenGrp 

421 

415 

Ueyd5 80 O( 

59 

5.73 


4 

30 

MEPC 

631 

421 

Nal*l Power 

626 

424 

Netwest 

621 

439 

NmW0 Water 

425 

X74 


59 

551 

P&O 

49 

621 

PNklngten 

IN 

127 

PowerCen 

495 

40 


X92 

39 

Rank Ora 

370 

X70 

RedcIttCol 

STB 

573 


XM 

xn 

Reed Inti 

79 

70 


69 

40 

RMC Group 

324 

ATI 

RalbRavce 

ITS 

1.0 

Rathmn(unlt) 

X40 

3M 


49 

xn 

RTZ 

89 

50 

Sahoburv 

X94 

X0 


59 

59 


140 

X60 

Scars 

1.12 

1.15 

SevarnTreni 

478 


Shell 

49 

AM 

Slabs 

SN 

521 

Smith Nanhaw 

IN 

141 

SmIttiKllne B 

636 

406 

Smith (WH) 

49 

X0 

Sun Alliance 

X9I 

XN 

Tote & Lyle 

49 

XIO 

Teaee 

X31 

225 




Tomkins 

111 

314 

TSB Group 

un 

703 

umipver 

9N 

9N 

UM Biscuits 

XIO 

X15 


478 

X7Q 

WbrLoanSM 

41 

419 

MMICMIW 

SN 

59 

Whitbread 

497 

5 

williams Hdee 

133 

xa 

Willie Corroen 

127 

124 



Madrid 


BBV mo NM 

Bee Central HIn. 3SN 2560 
Banee Santander 47N 4735 


BoKSta 

CEPSA 


en.._. 

Ereros 
Iberdrola 
Rapeel 
Teboeolera 
Tetoien le a 


92S ni 
3005 3035 
3070 30N 
5880 5980 
225 379 

897 982 

3690 37N 
33N 3M5 
1770 rm 




Milan 


BonoaComm 4SN 4565 

Bosteel iw 160 

Benetton emup BOSOawD 
ClM 
CIR 

Creditol 
ErUGtem 
Ferfin 
FerfinRIep 
Plat SPA 
Ftamwceenlee 
Generali 
IPI 

iiBicem 
Itotoos 
iiBimoMilore 
Medtobonca 
Montedison 
Olivetti 
Pirelli 
RAS 

RlnoscHile 
Sdlpem 


iia 1114 
949S aSK 
2085 200 
31H 89» 
SON 20N 
13M 1366 
63SS 63N 
1955 ION 
jniiiin gncai 

2S7H^n 
I21M 123N 
Sm S2SS 
43000 43800 
14490 14400 
1474 1459 
2360 2375 
4870 4905 
251SD25in 
ICON 10DN 
39M 40N 


Son PoaiD Terino lOipo 9765 

SIP 3910 39N 

SME 4008 3990 

Snto 3460 34» 

Stando 379N37ttD 

siel 40N 4SS 

TarvAasIRin 27on369N 


Paris 


CleeoPrev. 


BtC 

BNP 


§s»:g^ 


11 M 1101 

227 33X50 
SR SN 
776 7N 
Corratour 1763 WD 

CCF. no 21620 

C«VS 10810190 

Cmrpcwri 1359 1306 

aments Prone 80620 3H 

ChibMcd 374 ja 

Elt-AOUltDlne 967037920 
EH-Sonofl 045 WI 

EiiraDbney M2S II2S 

GarLEoux 537 7195 

Haves 419 4N 

imalal 538 50 

Lofaroo CBpnee 39720 407 

Lnerand 5450 5540 

LveiL Eaux 49110 4N 

Oroai (U'J WTO wo 

LV2XH. 545 837 

M e tra-Hadtotte 109 JO no 

MicSinUnB 83620 826 

Moulinex 13X20 131 

PlpRiai 3465034XS 

Pechinevinti 140201^20 
Porttod-Rleard N120 371 

Pnigeel 763 773 

PtanultPrlnl 056 8N 

Radtotoctntaue 44745X10 
Rh-PoulenCA 12020 134 

RatLSL Louie 1635 1635 

SafnIGabaIn 68 686 

XE.B. 4N4I72D 

StoGenerole SH 559 

Suez 2622026420 

Tinnner+CSF M120 IS420 
Totol 888208320 

UAP. IN I41.M 

vaioe 2a2S8J0 


OonPrev. 




MarkcteQosed 

The stock markets 
in Sao Paulo, Toron- 
to and Montreal 
were closed Frid^ 
for a holiday. 


Singapore 

Cwebw 720 725 

Otv Dev. 620 645 

DBS II 1090 

Fmear Neeve 1620 1620 
Gantine 1XW 1X40 

Golden Hope PI 225 Xm 
H ew Par 116 xio 

Hume Industries 520 S2D 
IndKOPO 520 X5D 

Kennel 


KLKenenn 
nOtonn 


Lem 

MatovonBonko 
OCBCforelon 
OUB 
DUE 

Sembongno 
snmmrlla 
Stole Darby 
SIAibralon 
SbereLoad 
'Sbam Press 

.Sine SMomihlp 

iSbereTataeemm X40 XA4 

Strelto Trndlne in IJD 

lUOBioreton 12 1Z2D 

UOL 113 za 

: glQ25 

ipreviooi : ^Dui 


iOM 1020 
322 xa 
124 124 
5M 520 
1220 1UD 
SJS 195 
845 825 
HUD 11 
X15 520 
X76 322 
12N 1X60 
725 720 
1520 16 

170 320 


Stockholni 


ADA 

619 469 

Amo A 

576 

574 

AStrOA 

10 

IS 

Atlas CtoCB 

57 

to 

EleBroliM B 

344 

353 

Ericsson 

30 

384 

ESMitbA 

10) 

102 

Hondoisbankto 

rr 

0 

Mi685tar8 

Ml 

M4 

Norsk Hydra 

2N 

217 

Procardia AP 

115 

116 

Sondvlk B 

IN 

112. 

SCA-A 

IN 

110 1 

S-EBenfcon 

44 45201 

SkenoMF 

105 

IN 1 

SkonikB 

137 

10 

SKF 

135 

135 

Slora 

372 

an 

Treliebors BF 

101 

103 

Volvo 

30 

375 

aagsCTwwiflwj 

174X53 



Sydn^ 



XN 

904 

6NZ 

*9 

49 

IHP 

1774 

17M 

5arai 

129 

X34 

leuaatnvilla 

027 

ON 

:oies56vsr 

XN 

434 


X0 

S.I3 

:ra 

I7N 

050 

:sR 

471 

45n 

Faelare Brew 

19 

IN 


Goodm an Field 
ICI Australia 
Meeatlon 
MIM 

Not Aust Bonk 
News Cere 
Nine Nelwnrk 
N Broken Hin 
PocOentap 
P ioneer Inti 
Nmndy FoaeWon 
QCTRasnurees 
Santos 
TNT 

Western Mtaiinp 

WestpacBonklno 

Weedslds' 

All eriRnar 

Frovtoae:ifN.io 


121 120 
1020 1X70 
1.95 1.95 
2J6 IN 
ION 1X96 
82 836 
425 625 
323 141 
429 4JI 
XI3 XB7 
1.94 1.95 
132 129 
174 IN 
323 325 
720 721 


420 640 
:mxN 


Tokyo 


Akol Elcor 
Atom Oic mto Bi 
AseM Glees 
Banket Tekye 
Brl^e stone 
Canon 
Casio 


SO* 

739 

1210 

ISN 

MIO 

noD 

13N 


Dpi Nleean Print 1910 


DaheaHiww 


ISN 


Dotwa SecMillas 11N 


Fonue 
Full Bonk 
Full Ptiete 
Fuillw 
Hltattti 
Httodii Cable 


Itovekpdo 

Iteelw 

JmnAIrtlnes 
Kaiima 
Konwl P ower 
Kawasaki Steel 
Kirin Brew er y 
Komalsu 
Kubota 
Kveeere 
Metsu Elec inds 
Matsu Elec Wks 
MltsubisM Bk 
Mitsubishi Rosti 
SMtwbisMEiee 
MllsublNil Hev 
MHSBbMI Com 
MltsplandCa 
MItsukoiM 
ivuisuml 
NEC 

NGK Insutoiers 
TUkkn Saeurllles 
Ninpen Kmnku 
Ninnen oil 


47M 

23M 

2170 

11N 

1040 

9N 

1740 


744 

705 


3650 

411 

1170 

943 

7 JS 


ns 

743 

I2N 

16N 

14N 

mo 

13N 

19N 

15« 

17N 

4740 

2SU 

2200 

UN 

ION 

935 

17H 

549 

7N 

714 

9N 

369 

418 

1170 

99 

735 


1810 

119 


1010 


1340 

1070 

7U 


1220 

ION 

109 

766 



aaeeFrav. 

Nippon Steel 

344 

344 

Nippon YUsen 

437 

4N 

NISPPI 

544 

Sto 

Nomura See 

23N 

XNO 

NTT 

MIOoBTSOe 

Otymoos optical 

1170 

))N 

Ptenoer 

Z7S0 

2790 

RiGSh 

too 

952 

SmnaElec 

558 

555 

Sharp 

1510 

1770 

SNmazu 

TSB 

753 

ShinetwChem 

31N 

2110 

Sony 

4010 

40N 

SumttomeBfc 

TUG 

070 

Swnliemo Qiem 

527 

534 

SwnIMariiw 

750 

963 

Sumitomo Mefel 

20 

20 

TidsilCorp 

4N 

4N 

TaltoeMm-lne 

III 

*29 

TakedaOwm 

11M 

Mto 

TDK 

4H0 

4170 

Tollbi 

512 

537 

Tokyo Mtrlrw 

1240 

I2N 

Tokyo EfeePw 

3170 

SN 

Teppon Prtminf 

1470 

ISN 

Teroy Ind. 

7N 

744 

ToGilbo 

aoe 

■n 

Tavota 

07D 

2210 

YomaWilSee 

IN 

IN 

P.'XMft 




Zinteh 


790 514 

59 59 

3N 341 
139 1375 
2195 229 
541 IN 
795 800 

410 415 
lin 1133 


AdhllntlB 225 236 

Alusuisse B new sN 446 

BBCBrwnBevS IM3 1174 

cibaCeleyB 
CSHeldtaiesB 
Etokitw B 
FheharB 
Intordlicouni B 
JGntollB 
Lendls GvrR 
M oeve np idtB 
N ss H s R _ 

OerlllLBuehrleR 139 139 

PmaesaHMB 1570 1570 
RccttoHdePC 6340 6390 
Setra ttopunne 1I4I1U0 

SandtoB 708 718 

SetHrAtoB 779 77N 
SitoarPC 845 Bn 

SurwslllanetB 199 19N 
SwtosBnkCeiaB 391 394 

SwttoRetalMrR 544 5N 
SwttoOlrR 770 773 

UBSB 11a 1162 

WtotsrtburB 655 495 
ZPHctt Ass B 1315 N A 




For 

inveshnent 


U.S. FUTURES 


Season Season 
Ngta Lew 
Vto Awodoltd Hew 


Onto Huh 


Low oese O 19 Ontoi 
Mrl 


Gretins 


WHEAT Kaon smwir 
X56 X96 J(ri94 into lUto XU 

XS7V, xa Senw 131 
XeS XN Decto 324 
X64to 337 Mor9S 135 
X44Ui XHMMnvfSUi 
X04k 


320 XN -on 


19 


XI1G-4L01 52V 

law ijsv, xn -ooiVb 17219 

XJ4tt la 324 -0916 34219 

3NW XNto X3P4-UI 4261 

131 131 X3I n 

XII JUI95 328W xa XN xa *X0IW 49 
OtofS xa *X0l9i 8 

en.sGes ixon T>«i*s.Nies lejw 
Thrsapenn 5X9H oB 1479 
WISAT (KBOT1 6meun*iuiiwiii.egtas6waiiPM 
XS X97 jri94 XN X2P4 329 X3IVk tOODtt X4S5 

xaw lawltow XNW xaw 337 xsTw-xn 1x144 

320 XISWDeeW xani 324 151 X3SW «820W 10.454 

329W X3S Mor9S X36W 327U USW 33SVi OJOto X402 

144U 33ltoStay9S XN 320 32TV) X59W— AOl N 

3J» llltoJulK 322 322 

^sobs NA. Tlarxsalos UN 
Ttoi's en enlet »JM od 19 
CORN (moil MtoMnwAnun-dBeoneerbiMip 
XI6W X41 jmw X47 X4T4 XaU im -XOIWTIJM 

xnu Xfl Stoto X4ltt l«9i 137 r48U^UmS4JH 

X77 X34yiDec94 225 X40 224W xsew— X03W 12XT1I 

XS8W 2.«>4MarfS 226 X47H 828 XOW-XOPm U21I 

155 XGWMevfSlSi XS3 X«h xa -021 V6 X543 

xisvi xa JW95 law xam xa xsw-aoito asb 

XTOto XO Stoto 244 227M 224 IGU-ONW 1M 

X53 X3S140ee« X40 X48 82TA X4lto-Xan6 4N4 

ESL soles 6X90 Tfv's. soles 58237 
‘mn'sonenW miOl oB 808 
SOYBEANS mon innii»iiiiii*ip»ii lUtonBlwSiP 
79 5M9iJUI94 XSS XS6 62016 643 ^1511 11201 

725 620 AuaH 69 A5IW 426V> 629U-4I.U S92N 

7JBW 617 Stoto 624 63SW 621 428G^I7« IMH 

727V, S25WNev94 49 6aW 69 659W-G.I9 76207 

7J4 613 JWiM 6N 6N 6U 61SM.2I20 62a 

72S 610 MwfS 635 635 621 62IM-020K XIR 

IJBW 621 MByfS6a 69 621M 686U-XI7 8216 

726W 6M JulK 641 6«W 629W 420W-4.1t X3N 

690W XBI'ANOvtS 69 69 6JD0W 69 -4I9« 12N 

Estseles 4X0N Tiai^sdas 5X787 
Thu*sancnM 14X343 up 809 
SOYBEAN MEAL IC80T) leowm dtowiBWWi 
23X00 IIXNJUIW 19020 I9XN 18720 HON -240 543 

SXW WStoAugto WOJO 19120 MXIO 15X40 -X9 S294 

ItXtOStoto 19X9 nXN W.iO W20 — X7D 1549 

isxnoato i069 iv.ie ios9 wsn —an 6S40 

1789DeeW 1920 15720 18820 INN -420 10248 

ITXNJpito U89 1920 1049 1549 -49 1441 

IBI9Mo'fS INN 1589 18XN 15X70 -XN 1171 

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2145 

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read 


THE MONEY 
REPORT 


every 
Saturday 
in the 
IHT 



Livestock 




CATTLi 

(CMOlt wAiewr.- owiiinirto 




739 

6INAMM 4»a 

4440 

<130 

6441 

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11X9 

1119 

1119 

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10X40 

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519 *XM 0,10 
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5)9 *09 570 
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Stock Indexes 

^ -W ^ 




1 

2AJOO *\ja 




Mootfirs 

Rbolers 

ConLRoisarch 


Commotfliy 


CION 

2074.10 

Man 

3K03 


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«« 


imiElWATIONAL HiaUIJ TBlBinSE. SATUBPAY-SIJNDAY, JULY M, 1994 


'* 1 : 





■lining 





l6lefoiUra Riivs 

m *■ raV ■■ v-ra 






A 25% Slake 

In Unisource 

AFFEi^Nem ** aWc to t^fcr dohal sfiTviccs 

THE HAGUE— Unisourct **« SflA network. 

a joint v entu re between K(^ operates liie latgea pri- 
inklqke PTT Nederiand MV network in the 

Swiss PTT Telecom and Teifr more than 

verket of Sweden, said Pridav ^ casKaneis in tnvel-related 
«k«* j », _ _ y and othtf kidiistrify. 


that T^ef^ca de Pepa««t sa 
would join Unisource as a 
fourth shardiolder. 

Unisource said that ii pdtr 
the agreement, Te!ef6c^ will 


Exact terms of the veottae 

were not disciosed. 

A KPN spcdteaoan said ead 
(tf . the four partners would h<dd 
a25 percent stalmin Unisource. . 

Since a letter of intent was 
signed Dec. 1, 1993, Unisoutce 

1 . it 


1*1 


C* t j-m « weuw* j-ioc. 1 , unisource 

yigtjgyo and Tdefdnica have been join^ 

iy paitKiQiaiing in a nnmh^ <rf 

Are Planned 
For Telekom 


Bhanbag Suriitca New 
BONN — Deutsdie Tele- 
kom, Germany’s state tele- 


jectsin thebosmess netwwk 
and satdhte area, the cmnpany 
said. 

Telefonica’s acqnmtioh of a 
steke in Unisonxce is sotgect to 
final wiitteai approval from 
s har eh ri dws and natipinat and' 
Europe authorities, Uni- 
souxcesaid. 

As a slutreholder, TelefOmca 


phone company, said Fridw it 4?® saateholto, Teusqmca 
;ho^ to sSl2) percent <rf its ^ P“5f?P“® “ ^ busmess 
^ shSs to aiett^thmUnisoo^hi^ 

mainly in Europe^ the uSS “8^»<e*Bte.car^iaaJ^ 


ed State. 

Is a first stq^ Tcdekom idans 
to sell about 15 billion Deut- 
sche marks (S9 biffion) of shares 
in^ 1996, Hdmut Kidce, the 
chief executive, said at the com* 
puny’s annual sews conference. 
It would take until weO into the 
next centu^ before all of Tde- 
kom is sold, he said. 

"We can only cover our need 
f(» c^tal wim the paitic^- 
tion of foreign iovestocs,** said 
Joachim Kioeske, chief fitian . 

asd40p^twithforagnin- 
vestors, and we know that I 


voice and canier serrices, Usi- 
souicesaid. 

Unisource’s prerideat aod 
duef csiecntive, \^estms Vu-- 
cans, said Tdefdnica.was ooe^ 
the laz^sst Europemi tdeoom 
oon^Nuiies, withastrmigffiteF- 
sational presence,- md mat its 
new presence in Unisource 
meant that "the' strength oi 
Ihitsource’s European misrion 
win. be enhanced.^ 


Croatia Starts to Rebuild Economy 

World Bank Backs Loan as Foreign Inyestoi^ Retnm 


By Janes Hansen 

. . , to the Herald TrBme 

ZAOK^ Croatia — The Wodd 
Bank «d& soon ^iprove a $128 minion 
emergency recanstruettes loan to this 
new Balkan iq}ublicb(»n freuD the ashes 
of the Yngoriavia, Croatian offidals 

The loan, would be the first 
significant international financing to 
r»cb Croatia since it broke away fioxn 
the former Yugoslav federation three 
years ago^ is intended to fund the re- 
building (d roads, bridges and other in- 
frastruouie in the war^daou^ed coun- 
try. 

The loan and the retum of big f oredgn 
cranpanies as investms here are 
that Croatia may be piddng iq> the 
I»eces again. 

Thou^ the amount of the loan is 
niodest ct»q>ared with the estimated S20 
twtitftn jjx war riamagg ihor counby has 
suffered, Croatiaiis say the grating of 
tim loan is more important than its value. 

. "The Wt^d Bank loan si^uds the lift- 
ing of a de facto cmbatgo 

agamstCkoatia," DautyftimeNGnister 
Bofi^v iSr^co said in a recent intex^ 
view. 

Accending to Mr. Sk^re> the gruting 
'of the loan is "a necessary preconditit^ 
to funfier Croatian negonatitas with the 
International Mcmet^ Fund to estab- 
hsh a standby credit arrangement in- 
tended to coosdidate the new country’s 
banking ^stem. 

Ux. Skqpo says he expects an IMF 
standby arrangement to be signed in 


Sqriember and becosne operational by 
year*<od. 

The IMF aereanem will pave the way 
for a furtiMT 'riolit^based’' World Bank 
loan of SlOO millkKi intended to help put 
the country’s banking system back on its 
feeu 

Mr. Skegro said tbtte sups would put 
his counny in shape to resume iniema- 
tioQ^ n^otiatioos over Croatian debt 


World Bank loan 
signals ike lifting of a de 
finandal embargo 
against Croatia.' 

Borialvr Sk^ro, prime 

miniiMr <d Croatia 


and fnrthff discuss r^yment of the so- 
called unallocated fed^ debt — the 
debt left m^d by the lormer Yugosla- 
via on its dzsappearance. So far, zKxie of 
the new Balkan states has been williag to 
rfaim the dd>L 

New access for Croatia to inteinatum- 
al finance is not the only ago the country 
is banning to bring its eccaon^ back to 
life. Fordgn dhect investment is also 

pjrii^ ng ly 

LM Encsson AB of Sweden vrill take 
management control of Zagrelvbased 
NEcda Teda Electrical Industries under 
the new Cn^tian Rq)ublic’5 privatiza- 
tion program. 


According to Mr. Skqiro^ Ericsson 
wiUalsopurchare49pCf«eQtoftbee(pu- 
tyofTesIainacotnc^dealt^ued at 70 
mOhon Deutsche marks (543 millioa). 
Other shares will go to the 3,800-memba 
Tesia work force, 

Mr. Sk^ro said Ericsson was attract- 
ed both Igr Its knowledge of the Croatian 
oonmany — Ericsson and Tesla have 
been co-operating for more than 35 years 
—and by the low cost of Ooatiao tech- 
niea] personnel. "Ericsson will be able to 
pay Tesla's 600 sofnrare engtsetfs a 
third to half of what fh^d cost in Swe- 
den,” Mr. Scegro said 

The Tesla deal is the hugest foreign 
direct investment so far in the privatiza- 
tion o( Croatia's industrial establish- 
ment. 

This year, Germany's Ireks acquired 
SO percent ot the Zagreb cbenucal com- 
pany Ouonios .Aroma and brewers Zn- 
terbrew (Be^um) and Southern Brewer- 
ies Establishment (Liechtenstein) — the 
tnvestms are South American — ac- 
quired 33 percent and 3 ! percent, respec- 
tively. of breweries based in Za^b and 
Karlovac. 

In the largest of the beer Den- 
mail^s Tuborg Carlsberg has aajniied 
60 penxnt of Podravka Breweries of Ko- 
ptivnica for 35 milfioD DM. 

Switzedand’s Sod6t6 Sudsse de Ci- 
ment Portland has picked up a SI per- 
cent stake in Tvomica Cemenia, in Kor- 
omacno, and the Gennan cong^any 
Heiddbereer Zement has acqnired 25 
percent or the Revdante cement factory 
m Istiia. 




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5oufce&' RsMers. AFP 

loianuMnal HcnUTiihaK 

Very briefly; 


Enterprise Oil Bid for Lasmo Falls Short 


pb^ secvfcxs, amove that will 


'A- 




dally investors from 
ropeas conatries and the 
United States will take part.” 
Mr. Kroeske would not say 
whether the expected icKdgn 
pardcipatioa w^d appib’' to 
Che sate of the first timume and 
said this was "a working taiget. 
that may stiUneed ac^ustmenl," 
dependmg on the ritoation in 
the C£q>itd markets at the time 
as^ 

Mr. Rid;e said that Tddcom 
> sales, excluding subadiaiies, 
rose i3 percent in the . first 
quarter, to 152 bllficm DM. 


'defdnica de E^afia SA’s mo- 
■nqptily, Bloombttg Buaness 
News reported from Madrid. 

Fridw, tfae 'S^tanidt cd)inet 
adcgicsd the h^tdative frame- 
work to pennit coatptdti<m in 
ZEK^e-jmone services. . 

Cdliilar tdqphcmes are the 
cmtdpiece in the European 
Unkafs efforts to prod member 
states to liberafize tire multi- 
billion-dollar tclccommuni ca- 
tions industry. Spam is one of 
the last BU nations to loove to 
open its inaikeL 


BhmAerg Bteiims Sewa poinied with the outcome of the 
LONDON Ftitarpfiyw Qj] Did,” Said Graham Heame, En- 
PLC failed to the U JL’s terpxisds diaixmaa and chief 
largest ix^epeodeDt o3 cesrpa- executive. *T still bdieve that 
nies, as it said Friday that a assms fit together well, the 
h^as^imasontyoiLaano tenos were ri^t and the price a 
PLC’s shares had reacted its fair one.” 
hostile takeover bid. It was Bn expensve loss for 

Entemrise, which launched Enterprise, wbeh Mt £159 
the ca&mess takeover attempt millioD to acquiie 9.8 percent of 


flow and asset base to make 
Enterprise one of the industry’s 


April 28, said it had received 
oommiunents from holders of 
3Z8 percent of Lasmo shares, 
well shon of what It needed to 
take control. 

. A m^oiily r^ecced the (rffer 
of new Enterprise stock and 
warrants valued at £1.59 HUion 
(S2 billkai) after a two-month 
battle for tte credence of 
Lasmo investors. 

, "We arc naturally dlsap- 


Lasmo stock that is now worth 
£30 imJUon less. But it wasn’t 
final, analysts said. 

"Tliis certaiitiy isn’t a case 
where the coixq[)mty needed sav- 
ii%” by acqmiin^ the Lasmo 
assets, said Tony Alves, an cA 
analy^ at Henderson Crostb- 
waite Institutional Brtdters. 

WbCD Mr, Heame kicked off 
his hostile bid two monlbs aga 
be smd he needed Lasmo’s c^b 


Now, analysts say, he will 
have to look risewhere to taiy 
the oil and natural-gas reserves 
that the company new or hope 
for a major success in drilling 
operatimis to rqdace reserves 
that the conqjany has not been 


.T 


able to find over the past few 
years. 

"There will also be other 
poitunities,” Mr. Heame sai 

But Lasmo isn’t the book, 
some analysts add. In defeod- 
ing itself aggressively against 
the Ent^rise bid, it promised 
a lot to its riiardioldc^ tl^t it 
mil now have to deliver. 


• Angk) American Cbrp., South Africa’s largest company, reported 
a 19 percent rise in net eamings, to 2.^ billion rand (S817 
million), for the 1993-94 fmandai year. 

• Gennan stoek trading on the counuys eight regional exchanges 
increased 3S percent in the first half of the year from the 
comparable pmod in 1993, to 42 trillion Deutsche marks (53 
trillion). 

• VttdAme Ltpciny Groiq> PLC, whose brands include Dunhih 
and Cartier, said pretax profit fell 5 percent, to 43 1 .5 million Swiss 
francs (S322 millionX tn the year ended March 31 after a heavy 
one-time reorganization chai^. 

• ICL PE.C, a British computer maker, and the U.S.-based Com- 
puter Assodates faderaalioiial Inc. said they would jointly devdop 
and market software for cKent-server networks around me world 

• Da^ Mail & General Trust nXT, the British new^per group, 
and its ally Eurqmaa Meifia Partners LnL bought 10 percent of 
CUteni ludo PLC, which cq>erates north and west of London. 

• Glaxo Holdiogs PLC announced a reorganization and placed the 
chief operating director, Franz Humer, in dia^ of research and 
development, manufacturing and Latin American maricets. 

• Odtie & Wireless (West Indies) LM. sifted an agrewent with 
FksnceTdecom and local telecommunications conipanies to bmld 
a $60 million fiber-optic system in the eastern Caribbean. 

UMiers. Bloanberg 


NYSE 

7^)168 iniAioie the natfomrtde prices up 
the closing on VUsUSIreat and do.notreOsct . 
late Trades elsewhere. VktTTtoAssodalodPrBsa 


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INTEBNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY. JULY 2-3, 1994 


Page 13 

ASIA/PACIFIC 


Shares in U.K. 


CviVihih'Oir Staff 
TOI^O — N^pon Tele- 

g*5r * Corp. said 

nway it planned lo list its 
Am on the London and New 
Yonc stodc exdianses to lift it« 
proTile abumda^^fp it i^se 
funds more easily. 

, P.^ ®PP^ ™ aid- 

July to list on the New Yoik 

exdtange and in- October to list 
in London. “Our business has. 


STARTTSays 
It WmLease 
Transponders 

BhonAa^ Biainea AT«w* 

HONG KONG — The 
television broadcaster 
STAR TV said Friday it 
had agreed in principle to 
lease ei^t tranip<»idm on 
AsiaSat 2, a sat^te to be 
laundied by Asia Satellite 
TeleoomiDimicatiaDS Co. in 
Ae first quarter of 199S. 

A transponder is' an in- 
stniment that receives and 
sends signatK 

3TAR TV, controDed 1^ 
media executive Rupert 
Murdodi and his News 
Corp., said the AsiaSat 2 
agreement would aSowit to 
transmit as many as ^ 
diannels of digital televi> 
aon in addition to the sev^ 
en analogue dwnnds it 
cmrently broadcasts &om 
AaaSat 1. 

Tbe agreement is to last 
12years. 


beenra^jdlyg lnha'lCT^^-gwH tti^ 
Win make it. mndr 
eaacrfor.ns to devehy business 
almd,’* its presideat, Masasba 
Kqiima, sai£ 

has recently hodc^ up 
with thiA American comj^^ 
— Oe&eral M^c, Silicon 
Gn^Aics Inc. and hfioos^ 
pwp — to devetop its buam 
in fflulthnedia i&ds. It also' 
fcnxned a stxat^jc. alliance last: 
with Nextd Cbmmiuuca-- 
dons Ino, a U.R mobole coin> 
numications carrier, to entesr 
the U.S.' tdecofflfflunxcatiQiis 
bnaness. 

^ "As J^ian’s biggest infonna- 
tion company, ite. listing OD 
wtxU jxuiriciets wotdd have soiM 
significance,** said Kiitiihita> 
Kawada, a securities andyst at 
James Capd Pacific Ltd. "The 
listings would ingupve NTTs 
image and would NTT raise 


fpi Kb ov erseas in the fumre.” . 

NTTs share price rose 6,000 
yen (S6l) to dose at 881,000 in 
active trading on the Tokyo 
Stock- Exd^ge Friday. . . 

Mr. Kcghna said bte 
ny had no equity fisanoag 
{dims in f(U»^ maikeis for the 
nxnneat and {danned to ccuitin- 
ne rairing funds in the bemd 
market this year at least: 

NTT stock Wild be tra^ 
in New Yodc in the f orm 
American deboat a iy receipts 
issued through Morgan Gnar- 


an ty Tru st Co. 

NTT has been partiy priva- 
tized but is stiU XDqorityWned 
iy the Jmanew gotven unent 

As officer m NTFs |eaeraZ ' 
affairs deputment said the 
move was not as a 

pr»aratoiy step, to a new sale 
of NTT stock vj the governr 
meat ' (Ratter^ Bhanberg} 


The New ^Euro^ Big Four 


Broken Hill 
Posts Rise 


Japan’s Securities Firms Reshaping Jq Profit 


LONDON — Frmn tbe&dtic to tbe Medi- 
tenranean, Japan's Four" securities 
hmises are gomg native. 

Stnig^g to shore tq) predits, the 
Eurppean'aims of Daiwa Securities Co., Nik- 
ko Securities Cc^ Noauira Securities Co. and 
YaoudAi Securities are stepping beyond 
J^ianese securities, Japanese invmtois and 
even Japanese emeutives to refashion them- 
sdvs in the isoi^ of their success^ Western 
rivals. 

**Yoo can big changes," said Masa- 
riii Kaxtdto, dimn wan of Nikko Securities Co, 
O&nbpe). "Japanese firms wfll beemoe much 
more aggresave.** 

Geared for businesses that went bust with 
Japan's eemymyof ^ 1980s, tiie Big 
Four axe- lemganizing and expanding thdr 
Bnopean operations and staffing them vrith 
non-Japanese who aren't udoct Tokyo’s 
thwtnK The goal is to |W Western rivals* 
bosiiiess in European bonds, equities and 
derivatives. 

In coufflinies dmnmated by ctmfessed tra- 
ditiosidists sudi as Mr. Kanelm, the shift is 
nothing short oS a revotution. 

• "AH the Japanese are going throi^ a peri- 
od of letUnk,** said Micmad Hutdmson, the 
managing director of busness devdopiW^ 
at Yamm^ Intemational Europe. "Toe idea 
; is to create more accountalnliy and, to some 
d^ee, more antonomy.** 

FoJIowxng the lead os Nikko and Nomura, 
YamaieJn month win move a senior exec- 

utive to LcoWi — Koxichi Tomono, a mem- 
bcTOfYamak^sboaidinTokTO — to head 
the film's European .e^ianaon, Vamaichi ex- 
ecDtives said. 

When the J^ianese economy hit (he wan in 
19^ — triggemm a four-year riump in Tokyo 
stoW thm wiped^SS percent off (hear value — 
tlm ^ Fouf s Bmopcaa buaness dried up. 

In & Eurobond market, for example, new 
ddlar-denominated fixed-rate bonds with eq- 
ni^ warrants for Japanese companies — a 
maisst^of tfaefiiigF<Mirinti}el98Qs — have 
aO .but vanished. SdA securities accounted 
for less than 3 percent oi all new issues last 
year, down from nearty 30 p ercent in 1989. 
The result has been a plunge in profits at (he 
F<mr in Europe: 

At Nomura, the biggjest erf the four, {iretax 
pre^ at the firm's European aim withered to 


£52 million million) in 1992 from £98.5 
mfllicm io 19w. Last year, Nennura Interna- 
tiooal bad a pretax loss of £37.1 millioa. 

To shore ^profit, Nomura International’s 
diainnaa, Koichi Kane, b^an reorganizing 
the company in April along product lina^, 
such as ei^ties and fixed income, rather than 
geographically, mirroring the organization of 
many Euit^iean and U.S. securities firms. 

What is Nomura, whicii laid off 49 
pecqile when it shut its BiW>^ equity oper- 
atimtjust two years ago, is luring some higb~ 

Tlie Big Four are 
reorganizing and expanding 
th^ European operations 
and staffing them whh non- 
Japanese who arenH under 
Tokyo’s thninb. 

proffie Western bankers, traders and anal^ts 
away fiom its U.S. and European rivals to 
its burisess. 

In May, for exan^le; Nomura hired Robert 
Mapsteme from NatWest Markets to head its 
European equity tradiog and derivatives op- 
eratiODs. 

"We are committed to employing all the 
nec^saiy resources to devd^ our equity 
trading capabilities worldwide,” T^ashi 
Tmtsm, president of Nomura Internationa 
said when Mr. M^tone was hired. 

Snee 1992, Nomura International has in- 
creased its sisJf in London by about 15 per- 
cent Nikko Eufc^ and Daiwa also have had 
net increases in staff in Europe, while Yamai- 
dn’s payrolls have held steady. 

In aU cases, the new lures were nmi-Japa- 
nese. Even mme reverfutionary, the ^ Four 
have placed those Wesierneis in management 
roles th^ once were off limits to ncHi-Jm>aiiese, 
During the past year, Nikko put w^mm- 
ers in (diarge of its hfilan, Zuriclt Geneva and 
Frankfurt offices — a move that executives 
initially Aocked leaders of tbeiT Japanese 
rivals. 

Nomura, too, has named Europeans as co- 
directors of its offices in Madrid Paris and 
Frankfurt 


Hong Kong Investors Help Out Trump on New York Project 


By David W. Dunlap. 

f/e» TerJt Times Serrtoe ■ 

NEW YORK — A group of 
Hong Kong investors have 
steppcxl in with the money that 
Dcmald Tnuzqi seeds to b^in 
bunding tbe first towers <rf ffiv- 
erside South, a project oa the 
Upper West Side erf Manhattan 
that could create homes for 
thousands of wealthy residents 
on what is now an abandoned 
liveifironi rul yard. 

Construction coidd start 
within a year. Mr. TYunm 'said 
Thursday after signi^ a 
ing acc^ and joint-venture 


agmmient with a consortiiim 
that metuded New Worid De- 
vdopmeot headed by Y.T. 
Cheim and his son, Henry, and 
Shui On Group Ltd, beaded by 
yincentLa 

vitflrc at Ac really 
dnetive ievd,"! hfir. Truiiq> said, 
.10 years after he totrfc coniTol of 
the 75-aere .(3()Aectare)^ rite 
alAig the Hotteon Rw. 

The new "multibilhon-dollaT 
ioint ventoE^ — the paitnos 
deefined to be more spec^ 
about the amount of money In- 
volved ---■ranesaits ahTjA-Pio- 
file phongB mto tbe New Tosk 


market by Hong Kong inves- 
tors. 

"Wefve travded to various 
cities,’* said Danid K.S. Yiu, 
{Herident of Pol;^inks Interna- 
tional Ltd erf Houg Kong, 
triudi advkes private and pub- 
lic oonqiames, indnding New 
Worid. 

“With aB the potent^ the 
pei^<^ the demo^aptnes, we 
reauy think that New York 
can't be substituted.” 

Tbdr aizxvd is not only cru- 
cial for Ml. Trump, who has 

nullu^’^d^iais^r^^t. but 


is also a "solid vote of confi- 
dence in New York Gty,” t^y- 
or Ruddph Giuliani said. 

“Development of Riverside 
South mean the creation <rf 
thousands of construction jobs 
at a time when that industry is 
at neariy 50 perc^ unenqjloy- 
ment,” Mr. Giuliani said. 

Mr. Thinq) and his new part- 
ners said no final decirion had 
been made on winch parcels 
wmild be devdoped first, or 
how many. For now. they said, 
they are ooDtcmplatiog a mix of 
rental buildings and one condo- 


miniuni tower for the opening 
phase. 

Under plans approved by 
dty offidals in 19S^ there may 
ultimately be S.’nX) ^>artment$ 
in 16 towers. 

The devdopers would not 
disclose tbe amount of money 
involved in Ae deal, edting a 
confidentiality ^rcement wiA 
Chase Manhattan Bank, which 
holds the mortg^ on the prop- 
erly. 

Mr. Trunq> wcmld say only, 
"Essentially Ae mortgage 
bero purco^ed by Ars group, 
so we don’t have any debt” 


Mr. Yiu said Ae Polylinks 
group was formed a little more 
than a year ago to look for m- 
vestment opportunities m tbe 
Umted Stales, p^cuJariy m 
New York, San Francisco and 
Honolulu. 

Because of Ae size of River- 
side South. Polytinks sought 
other mvestors as welL includ- 
ing Shui On. a company in- 
vdved in hotels, ctmstruciion 
and development; Edward 
Wong Group, and Far Eastern 
Consortium Ltd., whose hold- 
ings include Ae Warwick Hotel 
A Manhattan. 


Hong Kong 
HarigSeng ' 

?3K»— 


dlngriPMo . 
Stn^ Times 


ConpM 6y Our Su^ fnm Ikspadie 

MELBOURNE — Broken 
Hin Proprietaiy Co. on Frid»- 
rqxnted record fuB-year pnmi 
on a boom in steel ou^t, main- 
taining its AtanHiwg A the rar- 
efied rea^ of ewnpantes earn- 
ing above 1 billiOD Ausualiaa 
ddlars (S735 million) annually. 

For Ac year ended May 31, 
BHP Sted more doubled 
its profit, to 537 million dolli^ 
before one-time items. Profit in 
Ae company’s mineral and pe- 
tFOlouB aims also increased. 

BHFs net pn^t rose 7.S per- 
cent. to 1.28 biUimi doDars, or 
96 cents a share, from 1.19 bil- 
ti<m dollars, or 93 cents a share, 
a year earlier. ExduA^ <me- 
time gains a year earlier, net 
profit rose 30 percent . 

"OveraD. it was a good result," 
said Elaine Prior, an analyst with 
McZntorii Securities in Sydney. 
“Steel was about what tbe mar- 
ket expect but it was a damn 
good result fran mmerals.” 

Brtrften Hill Proprietary is 
Australia’s largest publicly list- 
ed ooaxpaay. Its main activities 
mclude stedmaking, oil and gas 
production, and mineral and 

metal mining- 

In addition to its Australian 
operations, the company has 
mterests m Indonesia and 
the United States, diamond m- 
lerests in Canada and Namibia, 
copper (^teiatioms in Chile, and 
oiimteTBSts in the United King- 
do^ 

"It is a record for any year,” 
said Joim Prescott, BMP's man- 
a^g director, of the result "It 
includes the sevenA consecu- 
tive record for BHP Mzaerals. a 
much improved result from 
Steel, and the best result BHP 
Petroleum has achieved at this 
level of cA prices.” 

(Bhomberg, Reuters, AFP) 




Tdsyo ■ ■ 

— SSSSI — : 


F MA » J J 
f994- 


F 'U A'.M J 4 
.1994 •• 


&cftanoe ' {ndex.- • ' ' 

. . Qtgg . 

Hong Kong HangSeng • ' WiJSff 

Shggipon-. 

■ . AB.ORSraiies ■ 

~ . 7 . ' sbbSjS 

eanghok^ - ~ ? &SedT 


.1904 ■ 

• Ptw. ■ % . 
Gose ’ Chang( 
R7Sa41- -1.42 
4J.64 


Jaifisna. & 

Sombaqr He 

Soufcea: Reuters, AFP 


PS£ „ 
aoekjndax' . 
KZS&rto 


.4S&74 


■ 9352 $ ' 

. SBB2JSa, 
Si7A&.9& 

• 457 JO 


.1,837.70 


IdKiiuiioiuJ Hfnld Tiibime 


Very briefly: 

• Apple Computer loc: named Frank Sriji Sanda, a fonner Motor- 
ola Inc. executive, president and general manager of Apple Japan. 

• SonA Korea said it had its first monthly trade surplus this year 
in June, at million, amid record export sales. 

• Uzbekistan launched its second new currency, the som, since Ae 
fall of Ae Soviet Union; but money changers traded Ae som at 
wdl below its <rffidal >^ue. and bai^ were refusing to trade U.S. 
dollars for som. 

• The Pldlippiiies said it had sought a resriteduling of S299 million 
of official debt owed to tbe Paris Club of lender nations, due this 
year and next, to cover financing shortfalls. 

• Ho Qu Mznh Cty is planning to set up a private p<»ial and 
tdephone company m a further step toward shalung up Vietnam's 
state commonications monthly, a local newspaper said. 

ATP, Xi^gli/-JtuUer. AP, Bloomberg, Heaters 


China Meets 1994 Target 
On Bonds in First Half 


The Assodaied Press 

BEIJING — China ful- 
filled its entire 1994 targ^ 
for bond sales in Ae Qist six 
months of the yeai, seUing 
lOiS billion yuan ($1 1,9 bO- 
lion) worth, the Xinhua 
news agency said Friday. 

The agency, quoti^ a Fi- 
nance Muustry officii said 
one reason for the success of 
Ae sales was that Chinese 
had more di^K^ble income 
to mvesL All the bonds were 
bought by Chinese dtizeos. 

The Treasury issued a re- 
cord total of bonds tUs year 
to pay for a budget deficit 
that was triple last year’s. 

Chinese analysts have at- 


tributed the strong sales this 
year to lower demand for 
consumer goods and the 
^cnimeni^ action m Aut- 
ting down competing bond 
issues by local governments 
and companies. 

In 1993, the government 
strug^ed to sell its 30 billion 
yuanbood issue. In Ae end. 
Ae government resorted to 
its old method of pa^ng a 
portion <rf employees’ sala- 
ries in bonds, forcing Aem 
to purchase a certain 
anmunt <rf Ae securities. 

The 102.S Nllion yuan fig- 
ure induded six-momh. one- 
year, two-year, three-year 
and five-year bonds. 


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FIRST COI.UMN = I Commodities Win Investors’ Vote 


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T 


By Thomas Gramptoii 

HE dollar anks, stodcs fall, now 


Defensive Investing 


even simple pleasures of life 
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fee prices shooting w to record 
levels. What can an investor do? Buy cof- 
! fee beans, maybe. 

Neil Bresloin, executive director of 
Goldman Sachs in London, says this mi^t 
not be a bad idea. He thinJts the expanding 
^obal economy should push up commod- 
ities prices in the next few years. 

If the Organization for Economic Coop- 
eration and Devdopment **kicks In and 
says there is positive grot^ we know that 
in the rest of the world is mostly in very 
major positive ^owth, there win be a pr^ 
mtttm paid for oommodities,*' said Mr. 
Bresloin. “CoiiUDodities went down for 
five years, why can’t they go up for Hve 
year^ headed. 

Mr. Bresloin says that while the agricul- 
ture sector is less reliable, commodities 
not so affected by the vaguaries of weather 
are a fairly safe bet. **we say if you can 
build with it or bum it, buy it,” he smd. 

Chris Stewart, manager of research for 
commodities at Merrill Lynch in New 
York, said that not only do commodities 
tend to do better than stocks in times of 
inflation, but that thnr prices alra act 
independently. ’’The supply-demand out- 
look for each individual coinmodity has a 
large impact on its own price action, irre- 
spective of what other commodities might 
be doing.” he said. This means that the 
price of com will not necessarily change if 
cocoa prices plummet. In this way. inves- 
tors can use commodities to limit ±e effect 
of a stock market drop on the value of their 
portfolio. 

For Investors mshing to explore com- 
modities, there are basically four ways to 
enter the market: physical holdings, deriv- 
atives, indexes and funds. 

Physical holdings are commodities 
bought for immediate deliveiy. lliis is the 
least attractive alternative for investors. 
Physical holdings tend to be traded over 
the telephone, rather than on a market 
floor, and thdr price is known as the spot, 
or delivery price. 

Even businesses that use traded com- 
modities, such as restaurants, probably 
don't want to buy physic^ holdings. Pork 
bellies, for exam^. are traded in lots of 
40,000 pounds. This is roughly enough 
bacon to make 100,000 breakfasts, fol- 
lowed 140.000 BLT sandwiches. 


A fter the years of plenty come 
the years of famine. In few cases 
is that better illustrated than in 
the supply of financial wisdom. 
Last year there were many experts about, 
some of whom could reinforce their more 
extravagant opinions simply pointing 
to equally extravagwt mvestmeni perfor- 
mances and conspicuously profitable fi- 
nanci^ decisions. Everyone was making 
money: everyone was wise. 

Ibea came the Interest rate chill of 
IS^ and the withering on the bough of 
much of that financial expertise. Suddenly 
the wise virgins b^an to look foolish ( and. 
if you take into account what the markets 
were doing to the professional reputa- 
tions. anything but virginal). 

Chief victim of the harsh climate of 
1994 has been the bond maikeL Rises in 
interest rates in many countries were irig- 
gered ^ the unexpect^ upturn in U.S. 
rates as the authorities tri^ to strangle 
U.& inflation at birth. 

This astonished the bond maikets. 
where one of the main strategies toward 
the end of 1993 appeared to be, as we 
suggested at the ti^ the following: Co 
kni& go to lunch for four hours, come 
a hero. We were slightly premature 
in «iimg the end of the run for the bond 
bulls. In^ had more than a month to go. 
But in tile context of long-term investment 
calls, the buy decision m the f^ of 1991 
and the call to sell in late fall 1993 were 
broadly r^L 

Readers have written asking why the 
dollar has weakened against the Japanese 
yen and the British pound when some 
commentators — including this column — 
were arguing for the greenback's rise. 

The answer is that there is no good 
reason, merely a good explanation. The 
ford^ exchanges have bera playing their 
favorite game of foQowii^ a buy or sell 
trend for an improbably long period. The 
political and econcHnic arguments for a 
rise in the dollar are as strong as they 
always were: Tbe dollar is imdervalued. 


Page 15 The risks in hedge funds 
Top contrarian U.S. mutual funds / 
Personal option trades { 

Page 17 Taking refuge in utiiities^ 
The bear In bonds 


For those with small refrigerators, trad- 
ing derivatives takes less space. 

Recently lambasted as fancy Wall Street 
amnricks, the ori^nal derivatives began 
down on the farm. 

Fanners want to lock in on a price for 
their grain as soon as posrible, so they can 
budget for the year ahead Almost as soon 
as the crop seeds go into tbe ground, farm- 
ers offer contracts for the of tbe ex- 
pected harvest. This is a futures contract. 
The crop is sold, delivery occurs at a later, 
spedSiM date. 

Speculation b^ins when the actual fu- 
tures contracts are traded on an exchange. 
By putting Uttle mmiey down (S percent of 
its value), speculators can buy a futures 
contract If things go weU, tbe price rises 
and the q>eculau>r sells f^or a protit If 
things go badly, and a toniper harvest 
pushes down the price, the speculator will 
have to sell at a loss or come up witii the 
additional cash in hours or day^ or could 
be forced to take delivery. 

To lower the risk, speculators can also 
buy options. An option is basically a de- 
posit or down payment for the purchase 
of a futures cmitract 

If a ^}^Iator has a bunch that a 
drought will destroy wheat in America's 
Midwest driving up the price, he win put 
down a dqwrit to buy a futures coniraci to 
obtain the grain at a low price. Wben the 
drought occurs, he will exerdse his option 
to buy the grain for a bargain price, and 
sell it on for a wbt^ping prdSt at the 
cunent price. If the drought doesn't occur, 
and prices drop, the q>eculator won’t exer- 
cise his option to buy. but he only loses the 


d^osit mon^r. 
The contract 


The contracts traded are for grain not 
necessarily even grown yet, the contracts 
only dervive ±eir price from the grmn, 
hence the name derivative. The esoteric 
Wall Street derivatives are simply varia- 
tions on a theme. Instead of gram, traders 
speculate on currency fluctations. the 
ue of shares, imeiest rate dianges, or a 
oombinaiion of these. 

Although futures and options can be 
easily traded throi^ commodities br^ 


INVESCO 


INVESCO Fund 
Performance Comparisons 


EUROPEAN WARRANT FUND* 

(From June, re 30tK May, 199ai 


ASIA TIGER WARRANT FUND* 

trr/im ’« J'inii, W iOrr May, 



ic»r 


150 P 

1 

300 

E 

N 


p 

C 

O 

E 

X 

E 

250 

100 E 


T4 

D 


7 


200 

& 

P 


50 o 

E 


E 

P 

p 

150 

0 5 

O 

R 


H 

M 

100 

A 

A 


N 

ri 



50 ' — ' — * — ' — ' — ' — ' — ' — ' — • — ' — ' — ’ -50 

JuH Jjl Ot* Ni* 0*.*’*. 9*4 M.1* ip** W.*», Jill* S 





‘ INVESCO European Warrant Fund (U.S.Sl + 100.57% 
•MSG Europe (U.S.S) 14.59% 

Micrcpal, otter-rs^Hr r nv S S. 


— INVESCO Asia Tige* -iVa.var.t i.U 
----- MSG PaciTic ex Japan fU 


i.US.S) * 94.47% 
(USS) -p 30.36% 


FUND OBIECnVE 

To provide shareholders with i:apira! grcnth from a highly geared 
in'.estmcnt in the European equity mailet dirough equity warrants. 


FUND OBICenVE 

To achieve long-rerm cao'?? ot.vt from a h.anl< geared portfolio 
of Asian equity .varrarrs 


PREMIER SELECT 

GLOBAL EMERGING MARKETS FUND 

(Prom In Juno, 1^3 to 30th May. 199.1) 


PREMI ER SE LECT 
EUROPEAN ENTERPRISE FUND 

Irroi-I 'St Jl— T. TO 3-Jth I«*a>, *99^! 




.1,^. Jijl Si’.pO'*' Nc*. Dv.: 94 Frb M.i* Ac. M.i, 


J^r. Jul A.3 0~ 2.-; 94 V;i Aq- *!.. 


■ INVESCO PS Glob. Emerg. Mkts {U.S.Sl + 31 .78% 
• MSG Worid Index (U S SI + 7 79% 

Sou'Ct' Miciopal, ortr.-t'ICi^ftcr nci inroirif 'IJ S Si 


• INVESCO PS Euro Enterprise 

• MSG Europe 

Snuico 'nl.i'cp.ii. L'.? 3' 


(U.S.S; * 24.57% 
(US.Si - 14.59% 


FUhfD OBfECnVE 

To achieve capital growth from mve&imenr in leading companies 
based m the emerging markets of v,orld 


FUND OBJECTIVE 

To achieve long-term capita' grovutn fr.;m investments ir the smaller 
companies and special atuavans ot any European Stecli i.'auet 


* Investors should note that equity warrants are a highly geared 
form of investment and therefore are categorised as high risk. 
Typically they diould form no mere than 1 <2% of an overall 
balanced portfolio. 


r To: Supp^ 

I INVESCO Irrtemadona/ {.imiced. INVESCO House. 

I Grenville Street. St. HeUer. Jersey JEJ STD, Channef Islands. 


^vesting 


®f^niorro^ 


INVESCO International Limited 

INVESCO Hou?e, Grenville Slreet, St. Helier, 
jersey ]E4 STD. Ch<innel Islands. 
Telephone: 44 534 731 14 Facsimile: 44 534 68106 


Please send me full detaJa of the 

Q European Warrant Fund Q Asia Tiger Warrant Fund 

ri PS GMai Emarging Mkts Fund PS European Enterprise Fund 


ADDRESS 


POSTCODE 




kers, they do require a good deal of knowl- 
edge about the maricet, or spe^ insist 
into the. weather. For those with neidm, 
there are indexes and managed funds. 

Commodities indexes, like stock index- 
es, are a basket of goods dio^ and .iqpdat- 
ed over time. The mori readOy traded 
indexes are the Commoditiy Researdi Bn- 
reau index and the Goldm^Sa^ -Com- 
modi^ Index. Investors can either minor 
the index by purehariog equivalent pro- . 
portions of commodities listed in the in- . 
dex, or they can actually trade futures of 
the index itself. 

Hie fastest growing, and earie^ way 
into commodities, however, is through a 
managjed futures, fund. Mimaged funds, 
mudi Uke mutual funds of st^iks, allow 
individnd investors to diveirify thdr risk, 
among many (xsmmodities, liimt thdr -li- 


jWaverley 'Australasian Ookl - 
Mercuiy Inu Qold & QeneraJ 
Mercury Gold.a:Genenl' 

Abbe y CemmedRy & Energy 
T 8 B Natural' Resources ' • 

M &6 Ufe Coni modfty . 

Gartmore CSFGMsai Resources 
M&G Commodity & General 
sap Gdd & Brploratiolii ' ' 

MBG Island • 




-'mi 


Q Abtrust Atlas Gokf ' 

358.50 .Si 

M vvavwtay Australasian Gold 

■ 315.64 SI 

BK Mercuiy Gold A GanetM • - 

- 231.22 S 

iSI *1 SB NaUirel nasourcos ’ ' 

' 24 t. 34 S_ 

^ Orvalor . . ~ . 

238.62 S 

Ire Orbltsx Natii^ Reaourcas - 

208.46 S 

IP S&P QM & Exploration 

T 95 . 37 JH 

■ M&G Ufe G<rid 

188.70 S . 

m M&G Gold & Gerwral ' - 

188:18 B' 

^ NM Gold 

184.10 H 


1 . ‘WJ 

Jntrni3lu'OJ( firid'd 


abiliw in case things go wrong, and use the 
knomedge and experience of eiqperts. 

"For $2,000 to $5,000 ^ou have access to 
trading advisers who might have a mini- . 
mum requirement of $1 million, if ypn 
were to <n>en an in^vidoal account with 
them,” added Lois Pdtz Mauoaged Ac- 


count Reports, a New Yodcnewsletter that 
trades the perfomtanoe if ' foturies fond^'' 
According to Managed ' Aecoimt^'Re^ 
pOTts, the mana^ati furiues'dndustiy.has 
grown to$^ bOlion, from SAhiialty nbthr 
mg in 1979. - • 

Altboii^ th^ are set like 
ffmds, most analysts advise inviretorsi^ put 


no more than 8 to 10 percent of uTOrtfolic 
into commodities. "TTie general rule of 
to Mr. Slewai1.”is tilUt 
you'dKXild not put mone>'^ into the com- 
■m oditiiw maiket-tbat you cannot afford to 
He added that badly mtsi^aged 
:funds are occasionally forced to liquidate, 
tra iling not one dice ctf bacion forin^'estors. 


Derivatives: Risk in Proportion to Profit 


By Afioe SnUnan 


P ROFESSIONAL advisers rarely 
agree on the attribute of a suc- 
ctfsful investor. But as m^ets 
around the wcnld continue to 

To buck t£e trend takes guts. 

"Some pec^e ha.ve done extmnely wdl 
in this seuoff,” said Jonathan Wautdn, a 


derivatives salesman at the Lradon stodr- 
broker:^ Barclays de Zoete Wedd. 'T^tost 
people just want to save their money in a 
bear maricet and are scared to rakg strong 
positions. Those who have done well were 
prqiared to stake their rotations on the 
w^down as well as on the way up." 

Foremost among the investors vdio 
pro ffi e ^ last month are those who used 
derivative products — options, futures, 
warrants and conveitSiles — to speculate 
against tbe doUar or against stock maiket 
ibexes and individual share prices. 

Derivatives are most commonly used by 
private int^stors to protect thdr portfdios 
in a downturn. But tfa^ can also nmlfe 
investors a lot of mon^ hi bear marii^ A 


securi^ can be shorted by baiting a. put 
optikm entitling tbe bdder to s^ a certain 
nimtiier ttf units at todays price in, say, 
twDmoatbs'ttme.lftfaepdcecrf'tiiesecQn- 
ty falls in the meanwhilf^ the . header ^ the 
pot optimi wtil mr^ nic»^i - 

Carreocy options can be -nsed'in the- 
same way: An mvesuw.'wfaG bought a yen 
put option on the dollar' two months'ago' 
would have profited handsome^ fiidm the 
dollar’s recent 

"Instead of having to decide wfaidi 
tiiares to sell and through vriuch ^\s to 
seek relative protectitm, you'^ qii^dy 
adueve poitfwo reallocation by tile use cv 
fnbjies or t^tiona contracts,” said Fhil^ 
GouM of London stock bntiGoage BUUic & 
.Ca “Similarly, you CBo leaBocam yCMir 
fixed interest investments beCw^ curren- 
cies. Gross bor^ equity allocation can 
,-also be dumged." 

Because options enable investors to 
hedge their egqxisare to falling share values 
without having to sell the diares them- 
' sdves, they also have si gnificant tax a<t 
vanta^ The investm* esc^ies the capital 
gains liabitity he would have incnzied if be- 


h»d sold the shares. Instead he compen- 
sate^or the fail ip the share price bv a rise 
' m the value oThis option. 

*^siDg derivatives is an ideal way to 
.prpti^ a pMtfolio shares' or hed^ a 
cdnency hmding,” said Andrew Marehall 
• of Derivative Securities in London. 'They 
hdp dienis iriK> ' would otherwise be 
-trapped-in pbritions because of capital- 
g^wTMs lax.” 

.“Bat our strat^es are low risk,” Mr. 
Marshall said, ^e use derivatives to pro- 
. tect di^ iHt^ts, not for speculative trad- 
ing.” 

Mr. Gould at Eillic also advises private 
efieots to use derivatives primarUy to pro-. 
.jtMt.tiwk^nivestiiieats,' rather than as in- 
. vestments in tiieiir- own rigbL 

“Yon have to be very careful about what 
you 66^ warned Rad Hancock, a Europe^ 
rm.azu^ at Connty.NatWesi Securities 
in Lemdoio. “Options area very dangerous 
game,”. 


fhe Money Report is edited, by ' 
Martin Baker. 


• f ^ ^ k ira tib 



i.F.I. IS the one and only publication devoted Tnpirc 

to providing unbiased coverage ■ F^ndlmaly^^^ 
of this fast developing sector of the n Oppprtunitm^d 
fin^dal world. ■ n wpjnpmf^ 
Reactions to I.F.I. have been manao&S^^' • 


F^nd anals^j^n^p^rmanc^ 
Op[^rtij|n^^^d pit&lls in tiie markets 


highly enthusiastic, demonstratin 
that tne magaane is badly neede 


by the asset management industry. 


Ci^t^^^^^^^fTin^trative tesues. 
Regu^'bfi^ technology. 




rr.<r- -S' 


If .1. B a quarterly magazine published by the IntemativteLHerakl Tribune. 
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FUNCTION 










Protecting Portfolio! 


By Digly 


Source: KSenpal 


Funds: Are They Safi 


By Riqieft Bruce 


T he verb to hedge 
means to surround 
with a fence or hedge 
few protection. Hence 
the term hedge fund. But in the 
last six mob£s» sooDed he<te 
funds seem to have singula^ 
failed to live up to their name. 

In the first three months 
the year, they wde infamous^ 
can^t out ^ baddng the 6m- 
lar against tl» yen, a^ betting 
on a continnaii(Hi of die bull 
market in l^opean bonds. 
When the music stopped and 
the markets turned against 
them, some of these funds took 
big loss^ 

Among the wmst hit were 
some of the bdg names. George 
Soro^s Quantam Fund made 
newaiaper heacSines wi& one- 
day fo^es (tf $600 millioo tm 
Feb. 14, a day ^dien die yen 
up against the doUai, 
and KCchad Steinhardt’s funds 
also took big losses -during the 
first few months. 

In other words, the hedge 
funds seamed to be anything 
but hedged. The best-lmown 

funds seoned in fact tobenothr 

m g more than highly leveraged 
gambles. 

, Originally, the teem bedgie 
fund was a pp r o priate. In Janu- 
ary 1949, a stock pkdeer called 
Aifr^ W. Jmies founded the 
first hedge fun^ ix^dch was a 
fu^ that took IxHh long and 
short positiems in equities. This 
mwin« It both boii^t riiaies 
and scM shares it d^not own. 
In this way it could bet on riiaie 
prices moving up and down. 

. The idea was that Me. Jones 

could boy those shares which be 
thn»ight were usdervaloed and 


sdl. those he thnn j^t oveival- 
ued. Those he boudt shonld 
rise, and those he solid felL An^ 
with both kmg and sb<xt poa- 
rions, the fmd should be rda- 
tively irniwimg to the direction 
erf the stock market as a whole. 

Over the yeaia the fund grew . 
until by 19 m what bad started 
as a $100,000 fund was a $100 
millio n fund. The conc^t 
cau^t on, and in ^ early 
19^ there were qinte a few 
inanalgers running hrage funds. 

X>tz(Hi Boardman, managng 
general partner at Optima /^set 
Managaneat,aNewYotkmul- 
timanager group, said ii was not 

wntii the 1980s that the narrow 
definition (rf he^ fund ceased 

to appfy. Snee then, he added, 
a vaneQr <rf st^es have devd- 
op^ and hedge funds are best 
Asnad by the fact th^ the 

manag m talres an XQCeUtive fee 
Mjicalfy nmmng tU 20 percent 
of investment perfurmance. 

These days the best-known 
type of bed^ fimd is the macro 

fimd, the leading examine of 
vAkh is George Soco^s Quan- 
tum Frind. Tb^ are geaoalfy 

huge funds that may invest in 
any- of the world's financial 
markets. 

Others indude distressed se- 
curities funds that invest in 
American com^HBmes in Chap- 
ter 11 banknptcy pioceedii^ 
or in Eimmean companies un- 
dergoing ^ftTidal recRgmuza- 
tiOEL Thoe are also arbitrage 
funds, emergingHnaiket funds, 
shoit-selliiig fimds .and many 
others, indnding, of course, ^ 
original long and stunt equi^ 
fund; 

Midiad Goldman, mans^g 
director of Momentum Ass^ 
Management, a London midri- 

nrwi-nag rr grOUp, S8ld: **A nUlD- 


ber of the hedge managers were 
stock pickers and still ve stock 
pickers, but have built icams 
and infrastructures that are 
more *niacit>' than stock pick- 
ing, To as mneh numey 
as these geys have you can't 
st od c pick in the U.S. stock 
market because you are too 
big.” 

Gemge Van, chairman of In- 
teiriatimial Adrisoiy Group, a 
fund cmsulriuK? based 
in NashviDe. Tennesee, con- 
finned that inany of the most 
gQUQUjsfuj managers have been 
fwced by their own succ^ to 
move away tom stock picking 
and to invest in the intemation- 
al bond and current markets, 
where it earier to move billions 
erf dcdlars from one investment 
foanoriier. 

“The macro ^3p roach basi- 
cally is generally thou^t by the 
industry to be cme erf the few 
styles that can handle hi^ 
amounts of money.” be saicL 
**We are talking about Soros 
twrftfng against the Bank erf 
FngiamL When you are talking 
about 'bonds and currencies 
there i^ at least in theory, a lot 
more iiquidiQr.” 

Mr. Van's researck^ shows 
that the popular peioepticai that 
haitgp funds as a whole did bad- 
ly in the first quarter of this year 

is far fiom the truth. ‘The me- 
dia tended to ccmcentrate on 
the larger fui^ that had great 
long tmw records but did badly 
in the shc«t term,” be said. 

Some 52 percent of the more 
than 500 funds on the Interna- 
tional Advise^ Group's datar 
base had poritive returns after 
all in the first quarter. 

That compares with a loss in the 

S&P SOO index erf 3.8 percent 
with dividends reinvest^ 


F or most investors the 
idea of using options 
to protect the v^ue of 
fhw p^olios is like 
asking tbc big bad wolf to lake 
care erf the three little pigs. 
Hi ghly publidz^ hotTOF StO- 

ries esqiosing the risk of specu- 
lating with derivatives like 
theiecord $157 UHSion loss an- 
nounced recently by Procter & 
Gamble — have done nothing 
to improve thdr image. 

But a growing number of in- 
vestors are realiring that deni'a- 
tives can be used defensivdy. 

This is due partly to the nu- 
merous guaranteed mutual 
funds now cm the market. These 
funds, through a balance of op- 
tims. on deposit and aero- 
coupon bonds, promise a high 
proportion of stock_ market 
ppms over a 9 ven period or, if 
the market falls, the return of 
the origmal investment. 

The nsmoQ in stock and 
bond markets last week as the 
dollar weakened underlined tlw 
need for investors to consob- 
gains wfaeiever possible. 
Creig Walton, an analyst 
with the British fund manager 
Fordgp & ColcmiaL says the 
current uncertainties in the 
market have renewed interest in 


the company's range of guaran- 
teed funds. 

“Different types of fund have 
thdr moment in the sun,” he 
said. “Now defense is the key 
word; investors are locking for 
guarantees. As a result our de- 
rivative-based funds are prov- 
ing very popular.” 

Using options as a stop loss 
insurance is also gmning 
rency with investors running 
their own portfolios. When the 
market loc^ aS though it ^y 
fall, for example, put options 
can be bought to cover all the 
shar es an invcsiOT fa^ds. The 
premium on these is usually 
only a gmall percent^ of the 
actual share ^ue. 

The put gives the bolder the 
right to sell a share at an apeed 
price at some later date. This is 
likely to be at or around the 
current share price. If the mar- 
ket falls the put option is 
brou^t into play and the only 
loss suffered by the inves^ b 
the premium he or she paid for 
iL 

If, instead, the market r^ 
the cation b allowed to expire. 

Call options do the same job 
in reverse. They are used to tel 
against a risin g markeL The in- 
vestor usually buys a basket of 
rails weighted to match a par- 
ticular index. Thb confers the 
right to buy these shares at an 


agreed price later. Once again 
thb price will be roughly equal 
to the current value of the un- 
derlying shares. 

If the market rises the tnve^ 
tor buy the shares at their 
former value and $eU them im- 
mediately at a profit Had the 
market fallen during the same 
period the calk would have 
Iten allowed to expire and. 
Mce again, the only money lost 
would be the reUiivdy small 
gmniint ihc investOT paid for 
them. 

Andrew Gregory, an Malyst 
with fund manager Kleinwort 
Benson in London, says de- 
fending portfolios with call and 
pul options neatly ridesteps the 
to take more drastic action 
when stock markets become 
hard to predict 

“For many investors the ob- 
rious way to cope when the 
Tfiarif*^ 8{^>ears ready to fall b 
to liquidate pan or aH of the 
sharaiolding. Thb can be tricky 
fex a number of reasons — not 
least b the risk erf triggering a 
tax liabiliQr. By uring put op- 
tions the portfolio can remain 
investecL There's no tax bill no 
fees, and you know in advance 
how mudi risk you're taking.’' 
He adds that the same would 
be true for an investor holding 
mainly While tins decision 
may have been made for strate- 


A Volatile Play on LVMH 

ftew a caff wairanft as LV^ 

asor 

Stock 

J h 

p 

Warrant 

A, 

n 'i.- ! i 

■180 1 

— , I.J; 



! ail ■' ^ i .i 

140 ; 


i; ‘ ' i|W! 

i| ill! ' 

(i ' ' 



se— 

I ! 1 . 

II ' ^ 

. 

r 


; 



• Jan. *94 

T Jun.’dA 

Source: Sodete Sene/a/e 



gic reasons, the risk that shares 
mi^t lake off in the mean time 
can be covered b>' buying calls. 

The portfolio can continue to 
hold cash without sacrifidng 
exposure to the stock market. 

Not surprisingly the premi- 
um cost of call and pul ^tions 
increases when share prices be- 
come volatile. One analyst, who 
prefers not to be named, says a 
rocky patch like that suffered 
by major markets last week can 
push the premium charged for 


cations up from I percent ol 
the value of the underlying 
stock to 6 percent But be says 
price increases are unlikeW to 
dissuade investors from hedg- 
ing their portfolios. 

“It’s true that premiums are 
higher now than tiiey were pre- 
viously,” he said, “but in a mar- 
ket as hard to predict as thb one 
people are prepared to pay a 
high price for the sake of bring- 
ing some element of ceiuinty 
into what they are doing” 


The Bears Sport 


By Ju£th Rdiak 


T he nmnml sweeinng through 
the American stock and bond 
markets in the past six mon^ 
has severely shrunk the win- 
ner's arde in the mutual fund arena. Of 
the 33 cat^ories of funds tracked by 
Upper Analytical Services, the Ameri- 
can fund-data group, all but three were 
in the loss ctrftmn as of last week. Only 
th ose spedaKring in J^>an soared, up 
more *Han 2S percent as a group after 
years of dismal performance. 

Not surprisingly in such markets, the 
few money managers who can boast of 
beating the averages have used an array 
of defenrive tactics: Many hoarded larg- 
cr-than-uaxal amounts of cash; others 
were nimble enough to be out of the 
market when it plunged; gold and other 
commodily^type holdings were aMiher 
refuge. And the coura^ to place big bets 
on a few stocks provided rich rewards 
for some. 


Consider a new arrival the Strong 
Growth Fund, which was 6.6 percent 
for the year as of last week, in contrast io 
an average loss <rf 5J9 percent for its 
cat^pry. The fund picked up gains in 
the first quarter in volatile tcMnology 
stocks, but its manner, Ronald Ognar, 
cut that poation fnxn 25 percent to 5 
percent in rime to mbs the downdr^t in 
that secUM*, switching over to 
hank stodts as a “gpte place to hide.” 

But Mr. Ognar is maintaining a 35 
percent cash poritioiL “It’s still time to 
be defenave because it’s just too easy to 
lose numey and stocks aren't dirt cheap 
yet,” be said. 

Anthony Orphan os, who runs the 
Warburg Fincus Growth & Income 
Fund, also made money on such tech- 
nology stodcs as the chip makers Na- 
tional S«nioonducior and Micron Tech- 
nology, which he picked up when to 
were out of favor last year. But hes 
fending off the bears with a hefty 18 
percent stake in gold mining compames 
as well, maintaining a largcr-ihan- 


usoal 10 percent cash hoard after un- 
loading a third of hb high-tech shares. 

Mr. Orphan os, 'R'ho likes to make big, 
concentrated bets, U now “ver>- lightly” 
buying financial service stocks hke 
proper^-casualty insurers .Allstate and 
USF&G, which have fallen as much as 
30 percent to 40 perccoL “I'm almost 
contrarian, buying things that cheap 
a pri have declined a loL” he said. 

For sheer bearishness, however, it’s 
hard to heal the iconoclastic Robertson 
Stephens Contrarian Fund. 

“We’re extremely defensive and pos- 
tured for a bear niarkci," said Andrew 
Pilara of the fund's managemaii team. 
He noted that Paul Stephens, the firm's 
chief investment officer thinks the Dow 
Jones industrial average could fall below 
3,000 in the next 18 months. The fund 
has returned 4.6 percent for the year 
based on an unusually large “short' po- 
ation of nearly 25 percent, calculated 10 
profit when the Standard & Poor $ 500 
Index tumbles or high-flying stocks like 


casino shares take a fall. ;^oiher 25 
percent chunk is in gold mining compa- 
nies, and the fund was early 10 buy 
coQUDodity stocks like Kmser .Alumi- 
Dum and INCO, a nickel company, both 
of which have perfonned well this year. 

As for the disastrous bond funds: The 
average bond fund is down 4.04 percent 
for the year. There are two noteworthy 
p^ormers, although neither qualifies as 
a typical bond vehicle. 

Northeast Investors Trust, a high- 
yield bond fund, was boasting a 3.6 
percent total return last week, in con- 
trast to a loss of 2.5 percent for the 
averse junk bond vehicle. 

A second successful income play this 
year was the Franklin Templeton Hi 
Income fund, which is a currency fund 
investing in top-rated global fixed in- 
come instruments. It is one of three 
Franklin currency vehicles which have 
turned in top performances by betting 
on a weak dollar at the outset of the 
year. 


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J fi- ; Bmng boniest Rat^ and Cbn^itilion Depre^Shares 


By Conrad de Aenqp 


P eople often buy 

®“«s « eJectric utili- 
ties because th^ want 
something that will do 
better when eveiything dse is 
doiug badly. utOitics 

sddom make headUne-grab- 

gains in a rising markeu in 
times of economic weaknem or 

. high volatility, or both, they are 
thought to be more r^ent 
than, other issues. 

Mot this time. 

Since American stocks bttan 

to fall last winter, utilities 
underperformed the broad av- 
erages, and by a wide mai^ 
Earlier this the Standard 
& Poor’s 500 mdeoc of large 

companies showed a loss fOT the 

year of about 5 percent; the 
S&P utility index was down 12 
percent over the same period. 

What's WMSC; the SOO 
began the year close to its all- 
time high; the utilities had al- 
ready fallen considerably frmn 
thdr summertime p^ As of 
the dose on Wednesday, the 
SAP utOity index is 19 percait 
below the September 
Tbe other widely followed 
measure of utility shares, the 
Dow Jones utQity average, has 
done even worse; it is oumote 
than 30 percent &om its high. 
The omnxment coiqpames are 
siQ^xised to be defeoave mar- 
ket plays: a 30 percent drop in 
less than a year is enobgh to 
(rffend even the most focgivmg 
shareholder. 

The most obWoos xeasem for 
the decline is that interest rates 
have shot iq> siaoe the falL 
teresi rates matter for two rea- 
sons. The ampler <xie is that the 
conq)anies borrow a lot to fi- 
nance plant constroction and so 
their mterest costs ace huge. 
Slaving a pewt on loan rates 
can save millions. 

More iipportant is the fact 
that utilities are sluggish 
buanesses that have 
growth potential They tend to 
doofretmaginoDep]^ — sell 
dectikaty in Oiica^ say, or 
natural gas in New Menco. 
People 1^0 buy their shares are 
•lodong for thie income of the 
tdgh dividends th^ pay oat. 

As yidds rise on Treasury 
, bonds a safer investment 
the yidds of atiKties become 
less attnetive, and Ihdr share 
prices must fall to condensate. 
The cxtiemetydBup di^ of the 
last several months has sent tiie 
aver^ yidd on deetde vtihties 
to 13 pereentr sdd Katideea 
Lally, who ftrflows that group 
for SalocDoci • Brothers. Ihars 
consideraMy higher than it was. 
but stin lower than the yidds 
available on Treasurys. 

**I would like ro see yidds on 
the stodts exceed fbe yidd on 
the long bond,” Ms. L^y said. 
*You wmild see some market 
rBOOgttition of the risk to profit- 
ability and dividends.^ She 
added that in the past, dectric 
utitities had dmie wen whenever 
thdr yidds exceeded Treasmy 
yields. 

Utility stock prices tend to 
the market in bodi direc- 
tions, bottoming and toN»ng 
weeks or months ahead of the 
broad averages. It is often noted 
t^t they did better in the madi 
of 1987 Of the summer bear 
maricet ot 1990 than indnstoal 
issues, but they had already be- 
gun to fall before the rest m the 
market peaked 
Toward the end of a dedine, 
the improved perfonnance re- 
flects a so-caDed flight to quali- 
ty as the public's dsenchimt- 
ment with vdatile, low-yielding 







Seune:Btoon^)erg 


stocks b^jns to set in. That has 
not happened this time. 

Feq^ vdio track the indos- 
- tty say ntiliiies drm't represent 
the quality they used to because 
their £^daends, wfaichentixidy 
the conipaxties' worth and had 
been thought all but untouch- 
able, are no kmger deemed to 
be so safe. 

The downward reiral of the 
utility averages accelerated last 
tnonm when FPL Grotm, the 
corpenate parent of. Florida 
Potrer & said it would 
slaA its di^<^ 32 pero e n t af- 
ter 4&yeaia of omsecutive diw- 
dead increases. FPL*s stock feO 
13 percent in a day. 

Ms. La% noted that other 
electric utilities have cut then- 
dividends in reooit nioadts, in- 
Ghtdog SCBcm, which owns 
Southern CaUioinia Edison, 
a^ Centerior Enexw, in Ohio, 
hi bro^dty sdling ttOity shares, 
she sai^ traders had been fac- 
toring in die qjpuentty greater 
risk of ^vidend cats ebevriiere. 

ftokec^ analysts have been 
TMtfir^ tbe ame scat of cakn- 
btions. Of the 48 American 
unties tracked by Lehman 
Brathos, six are judged to 
caxty low risk for their induriiy 
grbop and a dance. for a. total 
Rtum of 10 percent to 25jm- 
cent 0 ^ dm nect year, llbey 
are Duke Powor, Cmtnl A 
South West, Qtizens UtiUties, 
General PobBc Utilities, Sootb- 
ern Co. andUmonFlbetric. 

Centerior and SCE are 
placcMl in the ‘'jmeculativcT cat- 
(gopr, beyond risk, with 
jnqiected total retotns cf 10 
peicat or less. FPL Group is 
rated mndihi^liiar, though, one 
notdi-bdow the six choices. 

Roger CcMiiad, editor of the 
newrietter VtOity Forecaster, 
thinks the divid^ scare has 
the -dectric utilities 
without discrimmating tbe 
good eperaton foam the bad. 
That makes the better ones 
worth bujnng. His advice is to 
lo^ for companies that have 
strong balance slteet, adrat 
managanent, a hedlby sales 
base, low customer rates, effi- 
cient opefatitma, picdit eppor- 
tonities in tbe growth areas of 
then industty and good idar 
tiona with T^olators, 

Six companies that meet 
these criteria are Duke and Qti- 
and Kansas Gty Power & 
l-i e ht ^ Dominion Resonrees. 
U^Cofp and Entergy Corp. 

Comp^es falling riiort are 
ii«Me to Im a lough go of it 
When Fi^ announce its divi- 


imnnsioirt HmdTbbdM 


cut dm eb«*rman 
fended the move, saying tbe 
p^ut S2.4S a year a share 
leave the company 
enoiig^ oqatd to compete in its 
mar^tplace. It was a telling re- 
mark. Utilities had been 
tboi^t as vinual monopo- 
hes that didift have to compete. 

No Iixiger. A number of 
states, led by Cah/onua, are 
cooridering whether to allow 
competition in siqtpl^ng power 

*^00 have a n^or secular 
change under way in the indus- 
try,*' Nb. Laity observed. ''It's a 
mqor ehan^ for an industry 
that has einoyed a monc^Iy 
franchise.** mule p^ts are 
dowty riang at electric utilities 
as tbe econoeny continues 
its recovcty, "their long-term 
abSity to grow is very uncotain 
bmuse m the potential for 
someone else having access to 
your customer base.” 

While tbe outlook may be 
bleak for utilities in the United 
States, it is brighter elsewhere. 
And the shares have done bel- 
ter. In Briudn. for instance, 
vritidi has many pubBcly traded 
electrki conqianies, the Finan- 
dal Times electridty index has 
faUen more than 20 percent 
since its in early February, 
but it is stm more than 10 per- 
cent. above its levd of & year 
am The FT 100 index of blue 
emps, meanwhile, is virtually 
unchanged. 

American utilities have oper- 
ated as private oompaxdes for 
many decades. For most of that 
tim^ tbty had virtual monopo- 
fies, with profits gnaianteed by 
xf^ulaton. Tl^ are only now 
leinxiag to adjust to a free mar- 
ket Ts^ Bntish counterparts 
were privatized only in the last 
three or four years, but the au- 
thorities knew they were send- 
ing them out into a less clois- 
tered world, and they equipped 
them to handle it. 

**n)ey were set iqi by tbe 
BritiA goveniineot with ex- 

l^re^rets that enaUed them 
to show decent dividend 
growth,” o^lained Michael 
Sayers, who covers them for 
Morgan Stanley. Even is an eo- 
viionment in wtucb competi- 
tion is increaang and the regu- 
latory regiine is liable to grow 
more se v ere, “because of their 
secure finandal poation, they 
should show good divideod 
growth through the end of the 
decade. Thty can take tbe heat 
of competition without affect- 
ing shareholders.*’ s 


AMEX to Offer Israel 
And Mexico Opiioiw 

The wanderlust ^ the (foriv> 

tives d^MUtment at the Ained- 
can Stock Exchanre has found 
two new outlets of e^re^o: 
The frv flhang e has filed for ap- 
moval to trade options mi in- 
it has erreted to iradt 
shares in Menoo and Israd. 

The Mexican Index tracks 20 
laigp that trade in the 
U ruled States in the form of 
American dqmsiiaiy receipts. 
The Drael index, developed 
with Osw Gross Sc Sons, an 
American broker^ that ^ 
aaibes m IsracS cm&paiues, 
follows 10 of the largest and 
most actively traded issues in 
that country. 

An Ainex statemem said the 
ared for indexes to track these 
— and for options on 
them vqth wfaich to iMge and 
speculate — "oooldnot bemr^e 
^pareuL” This may be true for 
Mexico, which 1ms become a 
very large economy, with a 
stock roarkei to match. 

Israel, however, is a tiny 
place, vrith a sm^ fledgling 
stock maiket Interest in it 
abroad has not been over- 
wtirimitig The tradiim vohntM 
of a dosed-end Israel fund list- 
ed in Mew York, fm* inAanoe, 
has been running around 20.000 
to 25,000 shares a day. And 
Israeli slocks have been trapped 
in a bear marker that has 
trimmed the value of two key 


enmrghne 

I:..- ; 'r 


■ fawigneialfibtefnaitot . 

j - CWJWJf; 

■ "-.'.ureiQaa- 

. a^MbflOM 1 

Argentina 

19 • 

11,878 

1 BiBzii 

.---.ar.-: 

22,073 

\ ' Child 

■ ■••12 ■ 

9,539 

{■ Qraeoe 

•■• 14'. - • 

2,783 

V IrxioneeiB 

20 

3,240 

' Korea 

.;23. ' 

6,004 1 

Malaysia 

•• ■ 

23,736 

.Mexico 

'. '■r • 24 • ■ ■ • ■ 

38,273 ■ 1 

i .' Pakistan 

.•:- ■^10 " ■ 

1,106 i 

' Phipplnes 

M 

4.998 

Portugal 

-rr.- 

4,825 i 

Tahwan 

-rf', . 31. „ 

10,075 

. Tha8anri 

:;.*v 

11,177 1 

' Tixtey 

• 

856 

' QkabatkideK 


150,385 i 

V China 

:;Ar :2g 

2,846 

, Inda 

. 

8,025 


indexes by 30 perc en t to 40 per- 
cent aoce tire start of the year. 

LMng In France? 

2 Books on How To 

There*s no substitute for 
good research, as any broker 
win ten you. Whidi raises the 
question why so many corpora- 
tions seem to neglect research- 
ing tbe culture and general 
background — in short the ev- 
eiy^y Hfe — of the countries to 
wnidi tiicy send luy executives. 

For those relocating to 
Fiance a new and valuable 
piece of research has just been 
pubHsbed. “French or Foe” by 


PoDy Han. an American living 
in Paris, offers a Uvely and tn- 
formative guide to the customs 
and culture of the French from 
an Anglophone perspective. 
Topics covered include the 
smw things, such as different 
conceptions of body spa^ and 
the sport of queue-jumping as 
well as more serious business 
matters such as time-keeping 
and the idea of what a business 
meeting is meant to achieve. 

Written with considerable 
tympaihy for France and tbe 
rrenc^ the eonastent argu- 
ment is *h«* iinriffTttan/ting i$ 
the leey to diffusing foreigners' 
frustrations. 


For more a practical guide to 
living and wor^g in Paris, the 
new. revised edition of Paris I/i- 
ride Out, by David Applefidd. 
offers a plentiful store of useful 
informatioa. 

“French or Foe” is published 
by Culture Crossings Lid. (tele- 
phone. London (44-71) 404- 
2161; fax (44-71) 831-2261. 
"Faris Inside Out” is published 
by Parigamme in Paris (lele- 
pbonei, raris (33-1 ) 44 39 56 56; 
fax (33-1) 42 22 73 46. 

Credit Lyonnais Unit 
Sets Derivative Fund 

Crtdil Lyonnais Rouse, the 
London-ba^ derivative fund 
mana^nent arm of tbe French 
bank, has launched a Luxem- 
boi^-based equity derivatives 
vehide. the CLR ^tiity Derii'- 
aiive Fund. 

“The objecii\'es of the fund 
are to achieve significant long- 
term appreciation of capital 
and to combat overall portfolio 
volatility through investment in 
stock index futures and options 
contracts.'' says ^e company. 

The fund's capital will be 
spread across as many as eight 
deferent derivatives trading 
^ledalists. 

Shares are offered in three 
currencies dollars, French 
francs and Deutsche marks. 
Minimum subscriptions are 
S20,000, 100,000 francs and 
30,000 DM respectively. 

For more informatioQ, call 


Gilts Look Like a Good Deal for the ^90s 


By Rupert Bruce 


G ENTLEMEN prefer 
bonds, goes a well- 
worn Oty of Lmi- 
dofl ada^ The Ipgie 
is that poor people Duy equities 
because they want to get ridu 
but gentlemen buy bonds be- 
cause tbty know h^ difficult it 
is. In other words, bonds are 
safer. 

But in recent months, the sta- 
bility of bonds in just about 
every major world market, in- 
cluding {^ts, or British govern- 
ment mads, has deserted them. 
In ^ last rix monihs, gSt 
prices have fallen by as mudi as 
20 peroent in local currency 
mnns. This fall, mhrors 
annlar dec^es across tbe inter- 
national markets, follows a 
stofimng end to 1993. At ym's 
end, boad prices rc»e swiftly, 
driven by burgeoning demand. 
When those buyers started fo 
sen, the losses were dramatic. 

"I tiiink it is fair to say tiuu 
we have not seen a pmod like 
this in the gilt market in recent 
history,” smd Peter Gmlue' 
Cobb, an assistant dhector at 
Mercury Fund Managers. 

Ian Shq^erdson, an econo- 
mist at ISBC Greenwdl, said: 
*T would put things down to 
two reasons, imstty, riring in- 
terest rates in the United States. 
Most people aq>ected some 
rise, but they did not expem it 
so soon and thty did not expect 
it to carry on. People are wor- 
ried that tiiey do not know why 
tbe Fed wants rates up. An- 
swer: Maybe the Fed knows 
sometl^g we don*L 
“Secondly, he^ funds took 
profits from thear gilt invest- 
ments back into dollars. Thdr 
view was that the dollar was 
going to rise.” 

The gilts that have fallen fast- 
er and further than any othas 
are so-called long-datra gilts. 
These are gills that the Bntish 
government will repay mwe 
than 15 years from now. Natu- 
rally, berause this is some way 


words, bonds are 



Waebnr' 

CffolKfS.- 


Ifiiji •* A 20.06^94 7' y ■ ■■■ 

\ 03.06.9uK ''-'' ^ 

133.69 


S&ffcs: Merppa/ 

m tbe future, they tend to fli^ 
mate in value more than short- 
dated gQts that arc due to be 
repaid at a set price within the 
noci five years. 

.While loxig gilts have fallen 
Ity as much as 20 percent this 
year, short gilts have faHen by 
about S peTcenl. Modest in rela- 
tive tenn^ but still a lot for 
thoe txaditionalty stable bonds. 

Until the 1960s, most invest- 
ment portfolios were stuffed 
with gilts, and equities were few 
and lu between. Then a period 
of high inflation struck that 
lasted ihioQgh the 1970s and 
’80s. Inflaticn eroded the value 
of the coupon, or interest pay- 
ment, OQ bonds, and their capi- 
tal vahML 

In response Biitidt investors, 
whether they were institutional 
or private, began tbe big switch 
into equities. Equities tend to 
be better investments in times 
of high inflation because thdr 
prices and drvidaids tend to 
rise with inflation. 

These days equities make up 
the greater part of British in- 
vestment portfolios. But the 
l^Os were hailed as tbe decade 
when high mflation had been 
defeated and gSts would come 
into their own once more. This 
credo was used tojustity rising 
gilt pr ices in tbe taxi end of last 
year, now, however, the 
of an upsurge in inflaiioD is 


being used to explain faling 
prices. 

Tim Congdon, mana^g di- 
rector of Lombard Street Re- 
search, as econoouc analysis 
consultanty, and a member of 
the British TreasuiVs panel of 
economic advisers, said: “Gilts 
never have bees very good as 
defensive investments in an in- 
fiationaiy period. 1 suppose 
what is oiro is that tUs has hap- 
pened in a period when infla:- 
tion is so low. 

“Inflation is caused by exces- 
ave growth of quantity of men- 
ty. The rate of monetary growth 
is 5 pereent on a 12-monlb ba- 
sis, tiriiich is likely to be consis- 
tent with 2 to 3 percent infla- 
tion over the isedium lenzL 
There is no reason to expect a 
higher rate of monetary growlfa 
thM that son of figure. 1 tiunk 
the govenuneut wiU meet its I 
to 4 p eree n t inflation target 
over the next three to four 
years. 

'T think gilts should be a 
good investment. Full stop.” 

Others are not quite so san- 
g;uixie. “Most would probably 
argue that we are not going to 
see inflation beyemd 6 perceai 
in this tycle. If inflation U run- 
ning at 2 to 3 percem. the mar- 
ket is fookma for something like 
4 pereent. I mink ibty are about 
fair value at the momeDi.” said 
Michael Hughes, managing di- 
rector of economics and strate- 


Incnoi tonal KenldTnbum 

gy at BZW, a London invest- 
ment bank. 

Mr. Shepherdson thinks that 
short-dated gills are probably a 
good defensive mvesiment. 

“You can buy a 7 pereenl 
1997 gilt which gives a ;^eld to 
redemption of 7.25 percent It is 
tradiiiig at £99 9/32, and that 
gives a ranning yield of 7.05 
percem paid twice a year. It 
redeems at £1(X) on Aug. 6. 
1997. 

“If you expect inflation to be 
below government tarots then 
you have a yidd after inflation 
of 3.5 to 4 percent, maybe even 
5.” be said. 

Mark Cull, a fixed income 
fund manager at Carunore, be- 
lieves that gilts should be less 
volatile from now on. and that 
they will come into thdr own in 
tbe 1990s. 

“Cash will always be the 
prime defensive investment be- 
cause tbe value cannot go up 
and down. But if people are 
locddng to get an uplift on de- 
pogt account returns in future 
tbty will look at gUis more and 
more because 1 rbink we are 
moving out ^ the high inflation 
enviroiuient of tbe 1970s and 
1980s.” 

Despite the fluctuations of 
the last six months, gjlts look 
lilcety to regain their appeal as 
dideosive invesimeois and their 
amactions to gentlemen. 


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Page 18 


INTERNATIONAL HERALD TRIBUNE, SATURDAY>SUNDA¥, JULY 2 ^ 1994 


SPORTS 


Pinch Hitters 
Awaken Bosox 


The Assoaated Pnst 
Manager Butch Hobson 
made the moves, his pinch bit- 
ters came throu^ and the Bos- 
ton Red Sox avoided the threat 
of an unwanted record — their 
longest-«ver losing streak at 
Fenway Park. 

Pinch-hitter Damon Berry- 
hiD tied the game anth a two- 
run triple, then scored on a 


Al ROUNDUP 


ground out as Boston scored 
three times in the eighth inning 
for a 6-5 victory over the visit- 
ing New York Yankees on 
Thur^y night 

That ended a 12-game Fen- 
way slide, two short of the re- 
cord set in 1926, and an overall 
four-game losing streak. New 
York’s winning streak ended at 
eight games, two less than its 
season best 

“Been awhile, ain't it?" Hob- 
son said. 

The Yankees still managed to 
win three out of four games in 
the series and are 6-1 against 
the Red Sox this year. 

“We're still in Hrst place," 
said third baseman Wade 
Boggs, whose error contributed 
to the winning rally. “At least 
we were the last lime 1 looked." 

Trails by S-3, Hobson sent 
Otis Nixmi and Berryhill up to 
pinch bit in the e^uu 

Nixon led off with a walk and 
stole second. After Wes Cham- 
berlain grounded out, Scott 
Cooper was safe on the error by 
Boggs, who remained in the 
game after grounding into a 
double play as a pinch-hitter in 
the top of the eighth. Nixon 
stayed at second. 

Then Berryhill batted for 


Rich Rowland — hitless to 
three at bats — and drilled a 
ball to de^ center, scoring Nix- 
on and Cooper. BerryhiU scored 
on Lee Tinsley's soft ground 
out to rirst haeeman MDCC Stan- 
l(qr. 

iiMfemg 4 , Orioles 2: Albert 
Belle hit his 23d home run in the 
bottom of the dghth to give 
Qeveland a split of its four- 
game series with Balmnore. 

It was the 1 1th time the In^ 
ans have won at Jacobs Field in 
their last at bat, and the Rfth 
timg Belle has won a game with 
his Bnal swing — four with 
home runs and one with a two- 
run single. 

Cal Ripken Jr. led off the 
Baltimore second with his lOtb 
home run. one of his three hits 
on theiught and 10 in the series. 
The Orides tied it in the sev- 
enth on rinses by Leo ^mez, 
Chris HoUes and Hm HuIetL 




Kner Nn<nnh/A|ciKC Fn«icc-Ftie«c 

Joe Girardi looked at Tenry McGriH, Giraxdi lotdted safe, he was, he scored, but die Rockies lost to the Cardmals. 


White Sox 3, Reyds 2: Frank 
Thomas hit his 29tii homer and 
Julio Franco went 4-for-4 as 
Chicago, playing at home, beat 
Ksuisas City for its eighth vic- 
tory in nine games. 

Twins 6^ Rangers 4: Kirl^ 
Puckett’s double broke a tie and 
capped a three-run seventh as 
Minnesota, playing at home, 
averted a sweep d[ its three- 
games series against Texas. 

The rally offset Jose Canse- 
co's 22nd homer, a two^run shot 
in the top of the seventh that 
gave Texas a 4-2 lead. 

Breweis 9, Blue 2: Bill 
W^man ran his record to 6-0 
and Turner Ward halted an 0- 
for-19 slump with a dmible and 
triple for uuee RBIs as host 
Milwaukee routed slumping 
Toronta 


A Fiery Proposal to End Red Sox^ Jinx 


The AssceiateJ Prat 

CRANSTON, Rhode Island ^ If a 
New England p hilanthr opist has his way, 
the Boston Rra Sox will open their 1995 
season with a bang — by burning tbe 
contract that sent Babe Ruth from the 
Red Sox to the New York Yankees. 


Alan Shawn Feinstein, tbe owner of 
the original copy of the 1920 contract 
that shipped the then-Boston pitcher to 
New Yoik. offered Thursday to give the 
document to Red Sox management, if 
they promise to tordi it at home plate of 
Fenway Paik next opening day. 

The burning of the contract is intend- 
ed to help tbe Red Sox end a title 
drought t&t has reached epic propor- 
tions and has taken on a iegendaiy lire of 
its own. 

Id the more than seven decades since 
Red ^ owner Harry Frazee sold Ruth 


to the Yankees, New York has won 22 
World Series. Boston, which won five 
titles between 1903 and 1918, has hoc 
won one rince. 

L^end has it that Ruth — who went 
on to set single-season and career home 
run records «iiile a Yankee — cursed the 
Red Sox for trading hiriL 

“The l^eod of the *Curse of the Bam- 
Uno' seems to grow stronger every year,'* 
said Feinstdn, who purdbased the con- 
tract for S^.OOO last ^ear. 

**No one really believes that Ruth 
placed a curse on the Red Sox for trading 
him away," he said. “But the longer the 
Red Sme go without wimi^ tte brass 
liz^ the stronger that disastrous sale 
weighs on everyone’s mind. It seems that 
every time the Sox come dose to win- 
ning, something happens to snatch vic- 
tory aw^ from tbou' grasp." 

In 1967, Boston lost Game 7 of the 


Worid Series to the Su Louis 

when manager Didc Williams tried to 

pitch ace Jim Ldnborg on two days' rest. 

In 1975, the Red Sox sta^ alive 
against the Cincinnati Reds by winning 
G^e6 on Carlton Rdc's dramatic 12fh- 
inning home nm, but lost Game .7. 

And in 1986, Boston was one strike 
away fjrmn wrapping up a six-game 
Wc^d Series victory over the New York 
Mets when a ground b^ went throu^ 
the of fint baseman Bill Buckiiv 
and gave the Mets a come-£rom-bdimd 
victory. The Mets went on to win Came 7 
and the Series. 

A spokesman for the Red Soxdedined. 
to commeat, saying he hadn’t received a - 
com of Feinsteia’s oHer. 

Fonsteia said be has raised more than 
$1 millicHi for diariiy by (hstributing 
cc^es of the contract in escchange for 
donatioBS. 


.. Thg;AsoiAaed Prm ■ 

MAGNY COURS, France 
— Nigd Man^ leEnmed to 
Formula .One compeiidon 'Fii- 
.day in the opening trials for the 
Fiendi Grand rax. He fcamd 
jhiiig s mudt tibwer than before 
. He was seventh in the c^oali- 
fying for Sunday’s race with a 
*mie of. 1 wntniite, 18.340 SCO- 
onds, averaging. 195 J02 kph 
(121 J80) 

. “I certainly feel there ~is a lot 
more left in me and the cv," 
Mansdl said. “But the car is a 
tot mne difficult to set up. . I 
haven’t got a balance yeL’’ 

- **i am optimistic we can go a 
lot oukAer.’? 

Ttc last time Mansdl raced 
ht the Kbgny Coun circuit, he 
set a lap record that still stands, 
of 1:13.8^ an average 207.1 
kp^ 

lu Sunday’s cace^ he will be 
mairing a guest appcanuice to. 
WHHanis-iUDaDlL After weeks 
of speculation, the. British- 
Fiei^ team announced Tues- 
day that Mansell wiQ be on loan . 
fiom his Newmsi^H^ Indy- 
car team in die United States, 
But the cars are different, tbe 
roles have been revised. And 1^ 
two great rivals are gone — 
Alain Frost retired, Ayrton Sen- 
na 

“With the changes in r^^la- 
ti<HU you ^ve hm, there is op 
quesdoD that these cars are lot 
harder to understand," Mazisdl 
said.'. 

hfichad Scfaumadier in a . 
Benetton-Ford, who has wem 
five o£ the fust six races this 
y^,. gained ' the piovisioiia] 
n(rie vwdi a' lap'td 1 minute, 
7.085. seconds,, averaging 


of Austria in a Fen^,.* : 17.441 
while Mansell's Wffltams-Re- 
•naiilt teammatft DamOT ^ of 
Britain, was third, 1:17.359. 

Fourth in qualifying was 
Frenchrnan Jean Alesi in a Fer-. 
raii,in I:17J55. Marlin Bnin- 
dle of Britain fifth m 
1:18.112 in a McLaren-Peu- 
geofc 

■ “There is no competition be- ' 
tween Damon and I this wedt- 
We are working u^ther, 
Manjadl said. “Dainon is com- 
pletely fawfriiiflf with an tbe sys- 
tems. Tomorrow I wfll be more 
optimistic.” 

- ThecarManseUisdrmngfor 

wmiams now is radically dif-' 
feieiit from the one he used to . 
win the. French Grand Prix in 
199i 

In the aftermath of the 
deaths -Senna and Remand 


Ratzedberger, Formula One 
ears have-be(x>me bigger and 


slower but mOTesecure. There is 
no more active, sti^ension or 
traction "control that-put most 
of the driving in a computer y 
latber the perscxi behind « 
the vriied. 

'Whatever h^peos Sunday, 
MainielT wiu not drive at the 
Bfitish Grand July 10. 

The Williams team an-' 
noonced this weds that David. 
Ccmlthard will be almigride Hill * 
to the race at SUventone. It* 
win be Coulthard’s tiiiid race 
tins season since Senna was* 
lolled at theSan'hffariho Grandl 
PrfaL 


198.4S Imh on the 4J54aIomb- 
S4T^, 


ter (2.6^^ziiile)*drcoiL 
S^nd was. Gerhard Berger 


Mansdl, 40, is noncommittal 
about coming back for more; 
than <me race- this season or‘ 
nest year on a full-time basis.- 
He has mrAtatAymA he is com-' 
niitttd to the Indy-car races for 
the rest of this seasmu 


Bucs Beat Reds, Now Are Just SV2 Back 


The Aaodaud Praa 


The Pittsbu^ Pirates are fi- 
nally playing tike Orlando Mer- 
ced thou^t they would — and 
like hardly anyone else felt they 
could 

Merced, continuing to excel 
with runners on base;, drove in 
the go-ahead runs with a two- 
nm double in a four-run dghth 
liming and Carlos Garcia twice 
scored after singling and ad- 
vancing on errors as the surpris- 
ing Pirates beat the Qndnaati 
Reds, 64, Thursday night 

It was the Pirates’ eighth 
straidt victoty at home and tiie 
eighth of their last 10 overall, 
hfine games under .500 only 
three wedks ago, they are now 
38-38, SVi games bdiind ±e 
fust-place Reds. 

“If we continue pla^ng like I 
think we can play, we have a 
chance," said Merced, hitting 
.348 with runners in scoring po- 
sition. “Hopefully, we can 
make some noise. We've had 
games where it seems we’ve lost 
10-0 or 20-0, but our confidence 
is ^ting better. We’re starting 
to mt like 1 thought we could 
hit” 


Their home winning streak is 
their longest since they won 24 
strai^t from Aug. I6^Sept 29, 
1978. Their 54 homers are the 
fewest in the majors, but AI 
Martin’s two-run riiot in tbe 
dghth gave Uiem homers in 10 
consecutive games, matching 
their longest streak since a chitv 
record 12 in a row in 1966. 


seven shutout inmngs. I^t was 
denied his fifth victory in six 


NL ROUNDUP 


June decisions when the Reds 
tied at 2 in tbe dghth on Bany 
Larkin’s RBI single and Kevin 
Mitchell's sacrifice fly. 

Merced ran his hitting streak 
to a major league high 15 games 
— 21-for-61, J44 — and now 
has six RBIs in his last two 
games and seven in the last 
three. 


Biwcs 8, Marliiis 3: Kent 
Mercker stymied Florida for six 
innings and Ryan Klesko hit a 
two-run homer first ruled foul 
as Atlanta won in Miami. 

Mercker’s first pitch was 


drilled by Chuck Carr for a 
doub^ but the left-hander re- 
tired the next 1 1 batters, five by 
strikeouL He was relieved in the 
seventh after allowing back-to- 
back hits that yielded the Mar- 
lins’ second run. 

Astras 5, Cobs 3: Pete Har- 
nisch, coming off the disabled 
list and a partial tear of a ri^t 
shoulder muslce, held visitmg 
Chicago to three bits in rix in- 
nings and Luis Gonzalez hit a 
thr^run homer for Houston. 

Cardmals 91, Roddes 7: Jose 
Oquendo entoted the game fol- 
lowing a bench-clearing scuffle 
and singled in the go-ahead 
runs in the seventh as St. Louis, 
with homers from Geronimo 
Pena and Mark Whiten, over- 
came a 6-0 defldt to beat visit- 
ing Colorado. 

Oquendo came into tbe game 
after Pena was gected in the 
sixth. He was hit on the hip by 
reliever Oanen Holmes, then 
charged the mound and tackled 
Hdmes. 

Mets 3, Padres 1: Todd 
Handley’s hit-and-nm double 
scored me go-ahead ron in the 


eighth in San Dipgo and rookie 
Rjco Brogna homered for the 
second straight game as New 
York ended a five-game losing 
stre^ 


Dodgem 4, PbiHks 3: Pdino 
DeShields lined a three-run 
double with one out in the bot- 
tom oH the ninth, ending Doug 
Jtmes's scoreless inning streak 
at 21% innings as Los Angiries^ 
beat 'ririting niiladdphia. 

The victoiy gave the Dodgers 
their biggest lead of tbe season 
in the NL West, at S% games 
over Colorado. 


Expos 7, Qanfs 3: Jnan BeU 
hit a two-nm bcHoer, Lai^ 
Walker horocred and drove in 
two runs, and Montreal banded 
host San Fiandsoo its ninth 
loss in the last 12 games. 


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Giants^Lewis 
Errs, 392 Games 
IntotheMajors 


' The Aasodated Press 

•SAN FRANOSCO — 
The Giants' center fielder, 
Darrai Lewis, committed 
his first error in the mayor 
leases Thursday night, 
endu^ a' record .392-ganie 
streak. 

Lewis was given an error 
in the third hudng when a 
base hit by Montr^s Cliff 
Floyd skipped under his 
gkrre as he<^arg^ therc^- 
mg ban in shaflow center 
field. 

Until then, Lewis had 
handled 938 chances with- 
out a mistake. FGs streak 
was the longest ever witii- 
out an enor in the mgois 
and the longest to start a 
cazeer. 

He had last made an er- 
ror on May 10, lSt91, when 
he was joying at Class 
AAA Phoenix. 



The Aooeiaaxt Press - 

COLORADO SPRINGS — 
The U.S. Hgure Skating Asso- 
ciation didn’t just say goodbye 
to Tonya Harding. It safd good 
riddan^ 

In blunt words, the associa-. 
tiem's disciplinary pand finally 
pass^ jiu^mcnt on Harding’s 
role in the Nancy. Kerrigan •a^ 
tack and leveled the harshest, 
penalties in the hisLcay of UJS. 
figure skating. 

Harding Imd shown “a dear 
disr^ard for fairnes^ good 
sportsmanship and etiucal be- 
baviar,” the pand conduded 
Thursday after two days of 
closod-doOT hearings. 

The pand, in a unanimous 
vote, took away the national 
duuDpimisbm HanUng won in 
Detroit oo Jmtl 8 and . 

her from membeidi^ in the as- 
sociation for life. 

It punctoated its long-de- 


“By a preponderance of the 
evidence, the pand did Con- 
di nde tW she had prior knond- 
edge and was involved prior to 
the inddent,” ■ said William 
HybL the former U.S.. Olyznpk 
Com^ttee president who 
rided over the pand. 

the pa^ based ita 
coadurion on testiznonyas we31 
as ewdeboe, much of vwdi was 
collected by a Fcniland, 
gon. attonM^, Jcim Benm^ 
who has been wm^ting for tlm 
assodation for more than five 
months. 


kyed action 1^ oonduding that 
s in on the s<me 


Harding was m on the scheme 
to izgure her biggest rival, de- 
spite her protests to the con- 
trary. 


will tdl you that various 
records ->-rbai& recrxds, 'phone 
records — and tbe way they 
came together to establidi a 
case realfy wde inmoitant to 
thkp^L*’ Hybl said 
Imlike her attitude just a few 
months ago, Harding seemed in 
no mood for a fight 
Neither she nor any of her 
attorneys attended the heariiu 
that preceded the pand's d^ 
sion. 

Her - chief attorn^. Bob 


Weaver, oontdided that tbe 
pand lacked joiisdictioQ be-- 
cause- Harding already fiad le-' 
sighed from the assodation as. 
ptM of her ploL bargain with ^ 
crimmal prosecotors. 

He issued a statement on> x 
Haiding’sbdialF saying she was’ ' 
distqjpmnted in the pand's ac-^ 
titm bot not surprised '-' ' 

She cat appeal tile dedsion 
to the executive commictee, but* 
that seemed uidikdy. 

“It's been her decisioa up u>< 
this point not to cemtest these*^ 
^oceedin^ bat she’s made no-‘ 
final decision on the tqrpeaL"" 
Weaver said. 

By. bdog banned from the- 
assodatiem for Efe, Fkrding 
will be unable to partidpate in- 
any amateur evmt or m any 
pro-am or 'prcrfessional event 
sanctiemed 1^ the USFSA. She- 
also win be imable to serve as a 
sanctioned coach. 

, . Sinte Hardies ttictoiy at the 
Tiarifmat chanquonships quali-- 
fied her to the U.S. -(Mympic* 
tean^ the USOC also may take', 
smne actimi against her. 


DENNIS THE MENACE 

w 


PEANUTS 


CALVIN AND HOBBES 



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IN LUXEMBOURG 

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Saztipras £md Ivanisevic Power Into the Final 



INTERNATIONAL BEBAW TRIBUNE, SATURDAY-SUN0AY, JULY 2-3, im 


PBge 19 


Bv Leozuud ^ainro he managed to get only 55 per- u^toAodKAgas9inl99XOii The count would have been match, and nothing made any 

n'nrTifniTr- r-r cent ofl&fiist serves in, dmcM Friday, he lut 63 percent of his mudi higher had he not been difference in my performance 

wnuinTCTyyM Fhdand — evemhmg dw was working in first serves in and Becker also playing Martin. who*s uide today. I don*i think it's any- 

W UV*"* -*^*-*V» , CUgMU ^ f J £_jI 'IjC A-^ lta/1 I kiinnacp K>„ vm<r ymm " 


'Ihere -was not’much. ^eodor 
on die grass l^day on Wimble- 
don’s Ceatre Cc^ Mostty, it 
■was yawn-on-ibe-lawn, serve- 

andrvdl^ tennis, as Fete Sam- .. . 

pras and Gortnivamsevic used prassaid.’^it'sa^oneio 
aces in all the sgbt i^Laces to throt^** 


his favor in a 6-4, 6-4, 3-6, 6-3 
triumph over his fidlow Ameri- 
can iMd Martin. 

“We didn’t i^y great l^any 
Other one of os, 


Sam- 


b neiMte iiJ lfcnU *nftdM 


po^ off thdi two oatdassed 
foes and . advance to 
tte final on Sunday. 

That 2imu& is gcnnanteed to 
be another cxhihltioo of big- 
-biopper power -temds. I^iecta- 
tixs. in seats now sdling fmr 
- $1,000 each off the grounds and 
tdevirion viewers would be 
wise not fb bKnk OT risk nusang 
die wh(^ point 
- Sandras, the 22pyearold de- 
fendingcbampURi, moved back 
inm ftffliliar temtbiy, aldKH^ 
be did drop his Gist set of the 
tonmameDt And even though. 


Ivanisevic, the' 22-year-old 


had pfoUems with the high- 
kicki^ sectmd. 

In the second-set lidireaker, 
Ivanisevic, initially tiailmg 3-1, 
hit two ao6s on the way to 6-6. 
pounded an almost unhittable 
serve for a 7-6 advantage, thn 
hit a bomning return of a sec- 


wing fflan at feast allowed him 
to get his racket on some of the 
rocl^ stois coming his way. 

“1 need to serve better,*’ Sam- 
pras sai(L “fve gpt to use my 
biggest shot and use it to my 
advant^e, because 1 didn’t to- 

, day. My percent^ is O.K., but 

Croatian lefthander, was never 0^ serve that Becker voOeyed it can get better. I hope I can 
in serious trouble against wide for the set serve better oa Sunday.” 

Becker in his 6-2, 7-6 {8%) 6-4 He used similar badt-io-back Martin had come into this 

vtctoiy. Becker, who bad been passing shots to break Becker in matdi somewhat confident af- 
a tfu^ excessive games- tlm thud game the thiiti set ter beating Sampras in the final 

manch^P ^ scvoal pferioQs Better nuziffled odI}* fouT total of the Queens grass-court 
foes the fortnight, be- points on Ivanisevic’s serve warm-upeveot June 12.Heleft 

havedisqMCCab^ for the most thereafter, and the match aided the court feeling somewhat 
part in the face m a barnrgp of appropriatdy on an Ivanisevic queasy and reportedly was 
22 aces served his way and at ace that Beaca* never toudied treated for a stoinacb disorder 
least that many other l^tning- deqiite a full body lunge to ^ after the match, 
bolt serves he bad no c&noe to fmeband side. When he was asked what the 

l et un t. Sampras was compiainiag prob]anbadbeai,besaid;‘'‘AB 

Ivaniseric has played a final about ms own serving on Fri- Fll say is that any problem 1 
at Centre Court baore, too, los- day, even if be did have 11 aces, mi^t have had was after the 


one’s business but your own. 

Martin had every right to fed 
a bit faugued. In four of his five 
previous matches, be needed 
^ sets to win, a first for any 
semifinalist is louniaaiait his- 
tory. He said he came out “a 
Utde flat” for the match, but 
praised Sampras for bring “sol- 
id straight through, which is 
vriiat you have to be." 

“I don’t think the tennis was 
as high as it could have been, 
but it wasn't poor,” he added. 

In the first set, traili^ 4-3 
and down a bre^ Martin bad 
three break points, but each 
tiine Sampras saved them. He 
won the game when Martin fait 
a baddiand passing shot wide. 
Two games later, after falluig 
behind 0-30, San^>ras won the 




e Briton^s Finest Hour 


a H 


4^f’' 


J 


By Samuel Abt 

thtemaiional HmaUThttme 

LILLE, France — When the 
Tour de Ftance b^ms Satur- 
day, Quis BcMudman has a 
chance to beomne a tiatirwai 
hero* the toast of his narive 
England. 

“I can see the oppOTtum^,” ^ flte next dag^s edi^ms o£ ;d(me. 
he said, “it's defimre^ thm 
This would be a veiy, very -b|g 
thn$ at borne;'’ 

Nevardidess, he msisted Fri- 
day, he is not e^rehed. Wha^s 
tbm to gn exdted about? Cer- 
tainly be is not at ail exrited. 

Who said he was erated? 

“ApprAenave^ I briieve^ is 
the woitl,” he said thooghtfi^. 

“Exdted, no.** 

Peih^ he wOl be exdted if, 
as is highly posribl^ he wins the 
short proh^ue to the world’s 
greatest biq^ race; *Terii^ 
then ru be exdted,” he conced- 
ed. 

This is the duB scenario out- 
fioed f<w Boardioan by dGSdals 
cf his Gan team: He wins the 
prologue, stays atop the stand- 

stage^hT^ance and then ajr- 
rives in England for two stages 
there as the leader of the Tour 
de France, d»e man in the ye^ 
low jersey.- Theydiow jcrscyl - 

He oc^ become the. first 
Ffigiishman to wear it In 25 
years and the first to wear it at 
home, on Wednesday and 
Thursday, since dace the Tour 
be^ in 1903. So who’s taOdng 
exdtcment? 

“Everyone wants to- sec the 
dream of bringing die yeBow 
jc3sey to England now,” Board- 
man admitt^ “Now,” be re- 
pcated.“Butrmnotneces8ari!y 
here to win the yellow jersey. : 

rmhaefortheexpedfiaoe.’? bdt m, Prance; “Hes much 


Britons to star in any sport at 
die mtenuriosianev^ 

I£s training was inteorified 
last July -vriia be broke the 
wrxdd Tcomd for the one-hour 
ride <m the track at Bordeaux 
on the day die Tour atrived m 
the same feat doDrin^ 


l-Equipf* ' the daily French 
.qpo^ne ws p iy er. 

A few months litter Boaid- 
' man was agned to aprefeasioa- 
al cmtcact by Ecaioe^ Can 
team, hhlierto led by Le- 
'Mond, the waning Asimean 
star a^wmnei d three Tours 
de France; IcMbnd is in Lilte 
now as. piait of the' Gan team 
but no .urn^ .hs leader. That 
lole. is beD^.fOled by Board- 
man. 

“H^s a star how,’^ Gan’s as- 
astant coedi,:Si^ Bcucfaeiie, 
said this week, ‘^e's oomfort- 
ahie in the ;nioctnurim^ he’s 
comfortalde' in-die iterik:; bris 
found Ms place; He had eaepoi- 
ence only on the trade, he start- 
ed from zecQ on the road and 
now he’s at . . ." 

Bendiaie pans^ then con- 
cluded: '“He’s at where be is \ 
now,**. ' 

Boardman'is xmeotam 
where diat is <Mice he gets pdst' 
ibt 7.2-kiknneta Qust under 5- 
mile) Prolog throng the 
downtown streets of l^e. the 
8lst Tour’s unexpected^ 

.host in northern Ihnace;, 
Ihe BriKHt’s iqpectelty is- time 
tri^ - soM inctt agm^ the 
; dbdc, and be .won Mnb inithe. 
incentM ended Tout Switzer- 
land. £te also gpt -over the 
mbarttaiss wril taere and in Ms 


“Tve been a profesaonal for 
just seven months,” hepemted 
out “1 mean that about bring at 
this Tour ^ France frs the ex- 
perience. There win be other 
Tonrsibrm^ assume. But Tax 
Under no ilbMoos this isn’t the 
most dfficult thing Fve ever 


The pressure, be continued, is 
lower at the start of the thr^ 
week Tour than it was when he 
was trying to break Francesco 
Moser’s niae-year record for 
the honx*s sdlitaiy ride a g ains t 
^dodc. 

*T could take second place in 
the prologoe and be satisfied,” 
Bcartman said. “In the hear, 
there is no secGtod place. So the 
on^ pressure Fm fedU^ is 
from mysrif.” 

AltiiOQgh he has been JwHng 
somevd^ im the last ri^t 
weriEs with a chest infection, he 
said it bad not ha m pered Ms 
petfewmance. 

*Tm gdng ve^ wdl,” he 
said, TM ceU count has 
dropped,” wfaidi reduces the 
st^ly of oxygen roMssnisdes, 
“rat Tm at 95 percent of my 
Still, that does mean rUt 
tibe 5 percent” 

Frih^ lbe 5 percent is the 
excitement quotient To the 
eoA, Boaxdman insisted be was 
calm. The dosest he would 
come to deimng it was when he 
said, “Sport i& 90 percent disap- 
pointment and the other 10 
perceni that makes it all warth- 
trinte.” 

And added, “It’s the ultimate 
dream, canjniig the ydlow jei^ 
sey to England.” 



po ftrriman, a 2S-year-old na^ 
live Ifoylake, near liverppM, 
learned how to be cod, or how 
to pretend to be bool, wiua he 
won the gedd medal in biej^ 
pursuit racing at the 1992 
ONnmoc Games in Baicriona. 
“Q^ me^ training,’’ be calls 
the furor over one of the few 


more at ease is a .xace.iraw,': 
Bcqdwrie noted. 

For rim em^ mahths of tins 
season, Boanuciah bad to be 
snnouiided by Gan teawiinates- 
in a race berimse he frit inse- 
cure in the ti^tly bunched pack 
after years -of nding rione on 
thetradk. 


To wibicrib* in C ar w cinry 

jwl eol, toil free, 
013084 85 S5 



Goran Ivanisevic, left 
above, having overpowered 
thiee-tiiiie ebampion Bo- 
ris Becker, 6-2, 7-6 (8-6), 6- 
4, maixbed trioQqihantly 
into Ms second 
final, where on Sunday 
he meet Pete Samivas, 
left, who lost Ms first set 
of the toomaixient but $t£D 
onriibtyed Todd Martin, 

64, 6^ 3-6, 6-3, to gain Ms 
sixfli Grand S3am tonr^ 
nament finaL 


fttek iMftafit/Ateaae Fnaer^Koe 


next three points and took the 
set on an ace. 

In the second, Sampras's 
oratinuing brilliant return of 
service aUowed him to break 
Martin in the fifth game* Then 
he gave up only three more 
points off Ms own service; win- 
mng the second set with an ace. 

Martin fin^ broke through 
for the first time in the second 
game of the third set. He clob- 
bered a backhand return of 
serve down the line to take a 2-0 
advantage, only to get broken 
back when be douMe faulted 
down two break points in the 
fifth ga^ Sampras double 
faulted himself to ^ve Martin a 
5-3 lead, then ahn^t got back 
into the set on Martin's next 
service game. 

Sampras managed to get lo 
deuce with a forriiaod passing 
shot off a weak Martin volley*. 
But Martin held on for the 
game and the set wfa^ he aced 
Sampras for the advantage, 
then dosed him out with a huge 
first serve Sampras could only 
pop high in the air. 

Maimi swooped in for the 
kill with a resounding smash, 
and Sampras's hopes of being 
the first man since Bjorn Borg 
in 1976 to go through Wimble- 
don without losing a set had 
ended. 

Sampras also took a tumble 
late in the third set and came up 
lixniring ever so riightly. He said 
later he'd slightly grained his 
right ankle, but that a day off 
and a tight tape job would be 
sufSoent for the final. 

Certainly he was fit in the 
decisive fourth set Sampras 
broke Martin in the fotinh 
game when Martin botched an 
e^ putaway vMl^ on a mis- 
hii Sampras shoL The ball land- 
ed a foot de^ briund the base- 
line for a 3-1 advantage. 

Sampras won the set on his 
own serve de^ite a valiant ef- 
fort by Mart^ who had five 
break points in that last game. 
Sunpras saved two of them 
*witb aces, and finally won the 
matrii with a dasric backhand 
volley down the line as Martin 
lunged in vain one last time. 

Now, it’s S^pras against 
Ivanisendc on Sunday. Ivanise- 
vic has won five of the right 
matches they’ve played and 
three of the last four, including 
a ’92 semifinal at Wimbledon. 

In the men’s grass-court 
game these days, aces ore wild, 
even if the tennis is not. 


M€Uch Results 

MBITS SINOLEa 5EUIFIMAU 
Oaron IvanKcvIc 141. Crootia dal. EkKH 

SanwrDs(l).Ua..dM.TpcM Marlin I6I.US.*- 
4 M 3 . 4 , 4-1 

MBITS DOUBLES, SEMIFINALS 
Grant ConneiL Canada ona Patrick Got- 
BmiKi C2),ua«(M.MarcGoMUw.Germanv. 
and veweny KoMnlfcov (Ml, Rtasia44.M. 
S4, M; Todd Vfoa*rWae, Auaralhi, and 
Mark Woodiordt IS). Australia de(. Wayne 
Perraira Soutn Mr tea end Mlcnoei sttch 
(Ml. Germanv. *4. 7-t (7-5), d-Z 

WOMEN BOUBLES; SEMIFINALS 
Jona Nownina CxacSi RepuUlc. and 
AraniM Sondiec View-to (2). $ma au(. NL 
GBle Arendl. ua„ and Kristina Radford. Aus- 
frolla 44b M M; GW FsmondB, U.S. and 
Natalia Zverava (I). Balorua del. Monon Bel- 
loaral.N«tarlanda,andMarrbMNavidMliiwo 

(4). ua„ S4. M. 

MIXED DOUBLES, QUARTERFINAL 
TJLMlddlalBa, USwond Lori MrNelL ILS^ 
del.fIMuneo Ruah,Venczualaartd FlorMKia 
Lobot AiwnMoa M, 44. 


SCOREBOARD 

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Major League Stendingn 


AMERICAN LEAGUE 


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TRANSACTIONS 


EASBEALL 


' ' BAL.TIMORB— Amtoned Corrstt S toot w n- 

saa Pltc*w. to Bowla Bl_ ' 

' BOSTON CMinadGnoeniniiatttpltdi. 
•r, oR smtoon Own Minnaaala end ossianad 
Mm to PoHluaa). lU 

CAUPORNIA-OMtonod are Turmr. 
eaMNr.toVOMDiNtr. PCt-Cddad up Andy 
AltoHSBft cotAar. from VOncaavar. 

CHICAGO WHITE SQK-Mand Jea HOD. 
ooUtoldK-. from today dMbted Itsl to «nwr- 
naoev 404oy -iiit-**r- Rsl. 

CLEVELAND-OpnonadChedOdtapitoto 
•r. to Otartatta n. Raotiad AlHa uosa 
Mtdwir* fram ditolena 

KAfSAS CITV-Oread Molt Smith. pMQl- 
•r.' ' 

MINNESOTA Bani DowW MeCorty. kv 
1toMar.toSallLaletaty,PCU Rocoltad Bddto 
GoardDdOi pHdtof. fram Son Lacs CHv. 

N.Y. YANKecS pwead MikB GdUBoa hP 
BsWar. and Bob Matvtn. eoidwr. on to-day 
dIsBMtd BsL AMIvatod Mott NokoA caMier. 
mm 14dov dieDM IM. BangM Gontrod of 
Kowln Elstar, s nor la toa tram Awony, EU 

TORONTD-^Nnod MlUioai P mol sA 

seATrLE->QGniedBabwms,aKGliar.oR 
tmliiafaltamftaWilindaWiloaHdopWonsd 
Mm to QoMonr. PCL. Slonad Tr«v Moore. 
OttEar. 

TEXAS— OottonenDovM HuMaoutfloidar. 
(a-OMotlORW CHT, AA. 

NbEboM LnoBin 

ATLAHTA-PUf TOrw PandMoa Mtold> 
ar.anl5doviasaSMIbbmiraa(MwJm21. 
Odtod is> JOK onva mW aWir. from Rtotf 
IMML I L 

ODLOUAPO ■SuitMTHiMoofaplldwr, 


lo Cotafodo SorlnoA PCI. CntM up Oirtla 
Laskonto. MtcMr. from Cotorodo Sprinaa 
HOUSTO N AeHvq f d Peto Hamlaeli, 
pitahar. Crom today dlw Bla d HsL OpttonM 
Rbh PowalL pMdior. to Tueaea PCL. 

H.V. MBTS— CMlsd im Jason Jocama 
pitdar, frwn Nerlolk, ii_ 

PITTSBUR CH W aived AWonrifo Pena 
pmer. Coned hp MU* DW. pHUmt. from 

ST. LOUIS— Pot Jelm Hobwa pUdw. an 
todw dlodilail ON. RaeoMed Prank Onwr. 
■W. Pltelwr. tom LeulsirlHA AA. 

BASKETBALL 


PAl I *1 rmirliiit Hw apHon yior on 
canirect o|. Poaom Janaa topoord. Wilt net 
tooder oeotHylna eftor to Randy WhUs. Mr* 
mad; wfU not owr c lss option yoor on eon* 
Irae) of Thn LaiMr,suarA nolcliw both play- 
ora uwdnlrfeM fret oBvfa 
iHDiANAi— TreOed MoUk Sooly. tormrG 
Pooh RMiarm u a wierd, and rionts Id Erie 
PlnNiDwikl iarwera to LA. Gnooers tor 
Male Jackson, oimW and rtohto to Greg Mi- 
nor. auonL . 

HOCKEY 


NHL Approygd tna aoto of the HertCard 
WMera 10 Corndvean Com. PflndBato Pa- 
ter Knrmon e s Jr, Thomas Tnevms ceM Jim 
Ru ltw rt arcL 

DeraO)T Aenulred Miks Vernon, hM- 

wtom, Ben CoMory for Stow CbtaaMW do- 

Nnsemon. 

HAETFOia>^reHo)IBOwnklPllBB liq>llNi 

WBduBeaos nM MndmanoHs r tobeenmocootfL 

NoBMrf Tdd NNto a^toa coaUk 
H.Y. ISLANDE R S Acquired Troy Lenoy. 
toft oviaa mai AnnWm tor Tom Kiovera 
dato nse B im , 


OlasdbalyAllenfylied 
For Lead in Irish Open 

Agenee Fmee-Pmu 

THOMASTOWN, Ireland — Masters 
champatm Jos6-Maria Olazdbal, moving 
into contention for a fourth victory this 
season, and ^bert AUenby of Australia 
rimred the lead Friday in the Irish Open 
after both riiot a second strai^t 68. 

Usey were a stroke ahead otZimbabwe’s 
Toiw Johnstone two in front first-day 

leateT Sam Torrance, big-hitting Ameri- 
can Jriin Daly, Bernhard Langer, Austra- 
w«ng MDce Harwood and Peter O’Mall^, 
the British pair d ?etei Baker and 
Evans, 

Torrance, who tied the course record 
nnth his opening 65, slipped back to 73 as a 
stiff wxndpidmd up duni^ the day. 

• Fhn Mlckrison, Jedm Huston, Bill 
Glasson, Bob Gild^ and Sean Murphy 
were tied at 66 going into Friday’s second 
irand of the We^em Open near Chicago. 


Jordan With Bulls? In Bronze Only 




The Asndaud Prat 

CHICAGO — The Chicago Bulls will 
ly tribute to Michael Jordan by retiring 
■■■g number, 23, and unvefling a bronze 
cT atiw ci hitn during a ceremony Nov. 1 at 
the United Center. 

The statue will be permanently dis- 
played, and the numbo' bung frean the 
rafters. Jordan, however, never played at 
the United Center, which is replacing Ciu- 
C^St^UQL 

As for reports that Jordan — who 
abruptly retired after the 1992-93 season 
when CM BuUs won their third straight 
NBA title and opted for a inofessional 
Ims^an career — would be rgenning |he 
Bulls next seasem, denials were oonilng 
from all quarters; 

In Nashville, Tennessee, Jordan 
wouldn't answer any questions during the 
Qass AA Birmingham Barons' game 
against the Nashrille Xpress. 


Both a fonner college teammate and his 
former manager said the demise of Jor- 
dan’s base ball career is just a rumor. 

“I spent some time with Michael today 
and 1 asked what that stuff was all about,” 
said Buzz Peterson, a teammate at North 
Carolina. “He simply said it was a rumor 
that somri)ody started.” 

The Bulls’ genera] manager, Jerry 
Krause; said, “hfichari Jordan is not going 
to be Fans should g^ used to the 
idea that Michael Jordan wHl not be tmek 
with tiu's team. We want to see Michael in a 
Chicago uniform, a White Sox uniform.” 
The Barons are a farm club of the Chica- 
go White Sox. 

So, Cbtcaeoans may have to be satisfied 
with the 12-1^1 hi^ statue, which voU rest 
on a granite base with Jordan's accom- 
plishments and records engraved into it. 

The Bulls, however, are chargiog admis- 
sion for the unveiling. 


CBICKET 


THIRD TEST 

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Page 20 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JULY 2-3, 


SPORTS WORLD CUP 

Fear? For U.S., as UnfamiUtir as BrassU 


f 


laienusmul HeraU Tnbme 

M ission VIEJO, Califor nia — Team USA is 
preparing for the greatest upset, the most fantastic 
result m Worid Cup hisbHy. Its weapon? Gaudieness. 

“If you don't know the ho^la behind a guy, he's 
just another person, 

an opponent you can D^k m 

beat,” said Mike ij»^iinir 

Sorbiv, one of the all- Hughes | ' 

American players on a 

U.S. team (rf multinatioDals. “1 know who Pele is. but 
these gu^ Rom&rio, Bebeto, Rai . . . I never came up 
against mem before." 

He will on Monday. It is the Fourth of July. Inde- 
pendence Day in the United States, and the bwt team 
meets the tournament favorite, Brazil, in Stanford 
Stadium, near San Frandsco. 

There will be firewoiks. The stadium management 
guarantees it Whether there is going to be a great sbodc 
IS another matter, because Brazil has shown a class and a 
st^e beyond any tte othtf 24 competing nations and 

BraziTs playem b^eve they are just warming up. 

One way or the other, Monday will be a turning point 
in this W<^d ^p. & far, those who said soccer was an 
un-American game, that we were wasting our tune 
bringing the tournament and its attendant hooligans to 
the land of the free, have had to eat cold turkey. 

The parties have been magniCcenL The police in 
Oriando, Florida, have put away their water cannon 
and joined in s tre e t revdry often involving thousands 
until the eariy hours. 

The price to pa]r has so far amounted to S60, the 
price cu three police hats gone "wssing after their 
owners jdned die dancing. Oriando police chief, 
Charlie Wright, is less than concerned, for, while 
players have run tluou^ beat exhaustion on blistered 
feet, his men ^ve notl^ to make a angle arrest. 

“And its not because we're loddng the other way," 
said Wright llie most trouble his officers had to face 
was at a bar that had been taken over by Irish rewelets. 

“It was closing time, but the Irish didn’t want to 
leave," said Wri^t “Th^, um, gently put the owner 
and asastant manager outside, pour^ their own 
beas, and left the money. Th^ dispersed real quietly 
when officers arrived.’’ 

Hiere was the essence of World Cup 1994. A q>ort 
that, it was feared, would attract catastn^he has 


(^>ened the hearts and minds of people from the 
Netherlands and Belgium (supposoUy sworn ene- 
mies), from Ireland and l^xico, even from Saudi 
Arabia, which has become tte first team from the 
hGddle East or Aria to readi the second round since 
North Korea in 1966. 

And amoi^ this throng, the ethnic Americans, the 
Hispanics and Afficans who have waited a li’fariTnw in 
their adopted homeland for soccer to arrive. Maybe it 
is just pass^ through, maybe three weeks from now 
the grass will be uprooted and the plastic reiaid. But 
remember this: Television, the instrument of Ameri- 
can lifestyle, has recorded a 7.8 rating for soccer, 
higher by the score of three than Wimbledon tenni* 

Sure, this wu swelled by patriotism and curiosity, 
1^ folks wattling the U.S. team go against Romania. 
Ine test will be wither America turns off when its 
team is sent out — probably on Monday. 

But there 1 go again, underestimating the underdog 
in a tournament that already has ^lung surprises. 
Coach Bora h^utinovic, a taiigman who has raised 
two nations, Mexico and Cost Rica, to historic World 
Ciq> pladngs in 1986 and 1990. works on the theory 
that soccer is a mental game. What you don't know, 
you can't fear. 

Team America is made up of rookies w4io don't 
ackno^edge the prowess oS Brarilian players. 1 can't 
wait to see Aleri Lalas, the gawky, red-beaided, goitar- 
playing American defender, up gainst Ronririo, the 
smallest, quidcest, most cunning predator in soccer. 

But ^^t's important is how Lalas sees il To rind 
out, you stq> in line behind entrepreneurs putting 
spcDstNship offers to the guy they say is sndi a z^ 
personality that Americans under 20 can't ignore him. 

“WeQ," said Lalas, referenig to the Br^-Sweden 
match, “udien I was watching the match the other ni^t, 
I was Idnda saying I want to play BraziL I want to ^y 
«4iat in the wc^'s qres is the b^ team. If we're gonna 
make a show, we want to make it ^wctacular." 

Ye^ sir! King on those samba players! Get Team 
America op and at 'em. 

Seriously, it is a mrior happening for a guy like 
Lalas to face thoroughtoeds from sookt’s land of 
plenty. Milutinovic rates his mindly center-ba^ bet- 
ter than anyone dse redcons fetn, an^ with Marcelo 
Balboa at Lalas’s side, the solidi^ of the U.S. defense 
is appreciably more reliable than many had expected. 


Balboa is a ninning mirar^ a player about ro 
the U.S. record of 93 caps^ who is bade after mqor 
knee surgery over the pak 18 months. The U.S. cap- 
taii^ Tony Meola, a goalkeqrer yet to prove whethio' 
he is aoobat or poser,, took Ba&oa aside before his . 
first match and told itizn: “Maicd<^ youte the. key. 
You have to keq) the defease organized." ' 


Banx)a’s performance uaihst CokxnbU was de- 
scribed by his fdlow defendo' Paul Caligiuri as “like a 
man possessed". . 

“He did everything possible with every part of his 
anatomy to get the job done^" be added. 

Oiganization — teamwork — is America's streiuth 
and its weakness. No other ride in this tournament has 
shown more collective resolve, more detenninatkm 
from the midfield to work bade and forth in support 
first of defense, and then attack. 

However, that soldierty effort makes the team pre- 
dictable, and Brazil ought to outmanenver and outmt 
that predictalnlity. If and when it does, we shall see 
vriiether Br^ h^ cau^t the American im^nariftn 
suffidently to sustain a Worid Cup without host 
partidpatioa. The job has already begun.- 

Brazilians have been onlnnoing part of Slioon Val- 
ley in CaHfomia for almost a month. The team set up 
naT¥ip there, breast samba and t^kss women and 
beautiful, Brarilian soccer. And the. quiet Americans 
of that technological r^on became attracted —not 
necessarily in the order of samha^ women and soccer. 

I T WOULD be naive to si^geri that Califcmnans 
can be ookmized even &azQian qpQi^ But some- 
thing is tuq>pemn& and not just to Ainaicans. 

Across the water in Haiti, the ruling junta siphoned 
off $130,000 finnn govemmeDt funds to secure TV 
rights to the Worid Cap. The dd theory is afoot that 
you can quiet a populace in fear auid insecurity 
through die opiate of soccer. 

Haitians are Brarilian fans: But it would be stretch- 
ing a pomt — disingenuous to an insensitive d^cee — 
to think that the hundreds attempting to leave FM-au- 
Prince for the United States are going there for tte 
soccer. The truth is thatroort is once againaooaqiara- 
tive iirdevanoe wliere life is at stake. 

Jtefr Agket e «i Ac Ji^ ^ Tike TSmb. 



sf' 


■ TT-"' '■ yi//: ^ 


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. k * 




r . . _ / ^ Lj I - ' * i — 


POdl Soluinwimte Anodaud n«f 


Brazos Ronaldo found ft TOD*t cUlfs pb^ Id ietikiTe a briB froa a dnmg 


Spain Hopes Tux 
Fits Against Swiss 


By Steven Goff 

WatkmgMH Pest Seniee 

WASHINGTON — No one 
knows «4iat to eiroect 
Spain in Saturda/s second- 
round matdi here against Swit- 
zeriand 

Ciq> history sumests that 
^pain bekmc in me second 
round and mat it certainly is 
dqiable of moving on to the 
quarterfinals. But its inconsis- 
tent performance in this year’s 
touroament malres for an un- 
predictable forecast. 

As de counby’s nanister d 
sport, Rafael Corte Elvita, said a 
fwdaysagomQncago; “Smne- 
times our team wears a tuxedo 
and smnetiines our team wears 
wosic ckithea 1 hope we are wear- 
ing a tuxedo in Wasfaingtena.'’ 

In the opener against unher- 
alded South Korea, the tuxedo 
fit weU for 84 minutes as %>ain, 
despite being down a pUyer be- 
cause a red card grutied a 2 p 
0 lead. The wardrobe then 
changed without wanting as the 


Koreans scored twice for an im- 
proteble tie. In the next ma^ 
gainst defending champion 
Geonany, Sp^ played wd 
bom start to finish and got a ]-* 
! draw. And on Mmday, need- 
ing a victory to seal a ndeet to 
the second round, the Span- 
iards started slowly against sus- 
peiision-ph^i;^ Mhvia before 
taking charge in the second half 
and winning 3-1. 

The hero of that game was 
Jos6 Luis F6rez Camineio, a 
nridfidder who scored twice in 
a five-minute span. But with 
ibis team, nothmg is t hat sim- 
pie. ha the doring moments, 
Caminero ooxnmitt^ a foolish 
foul that resulted in a ydlow 
card — his second of ttie first 
round which means he can't 
play on Saturday. 

Both teams will have i^uiy 
wenries cm Saturday. Switzer- 
laivf s standout nridfidder, Alain 
Sutter, has been playing with a 
birriwn toe. Mkifidder Fenumdo 
Tfieno and defmder Rafad Al- 
korta are uncertain for Spain. 



AND RESULTS 


Switzerland looked drained 
in losing its last first-round 
rame, 2-0, to Colombia. But 
Swiss have bad one more rest 

day rhijn the SpaniarHg- 

In %>ain, where soccer domi- 
nates the porting scene, the 


players and coaches are feeling 
the pressure to succeed in this 
WoM after years of unfol- 
ded expectations. In 1990, 
Spain lost in the second round 
to Yugoslavia. In 1986, it ad- 
vanced to the quartexfinals be- 
fore losing to Bdgjum in a pen- 


alty-ldck tidbreaker. In 1982, as 
the host, it suffered an embar- 
rassing first-round loss to 
Nortbm Ireland and then was 
ousted in the second round. 

“This team is sort of a 'Dream 
Team.’ " Elvira said, *^and the 
expectations are vBiy hi^ May- 


OVERCROWDING By A. J. Santora 


ACROSS 

I 500, e.g. 

5 Hubby, in Paris 
9 Mouncainia 
Turkey 

15 Rifle peephole 

19 21 or over, 
liquorwise 

20 Revises 

22 Dress pan 

23 Mr. Penzierof 
mystery Hedoa 

24 Actress Massey 

25 Leave 

26 Newsman in 
the Sahan? 

28 Canal Zone Rim 
farariies? 

31 Answerto 
"Who’s there?" 

32 Thrice a day. on 
prescriptions: 
Abbr. 

33 Nasuseof 
tennis 

34 Oscar nominee 
for "Exodus" 

35 Apportions 

36 TV"s- 

With a Z" 

37 Scale syllables 

38 Fu22 

39 "Siikwood" 
actress 

41 Iits-asrirsi 
conquered in 
1953 

43 Used up 

44 Dan 

46 Ink 

49 Harass 

50 Actor who 
craved goulash? 

54 Boxini; legend 

55 Holds 

57 Winter air 


58 Sister of 
Euterpe 

59 Feminist Bella 

61 19ih<entuiy 

sea novelist 

64 Prunes 

66 Dining table 
decoration 

67 PHot 

68 North Carolina 
college 

69 .Aries orTaurus. 
e.g. 

70 Workers’ 

71 Revisionist 

72 See 88-Across 

73 Singer on a 
South American 
gig? 

77 1 (way to 
guard) 

78 Wiihdnws 

80 Soon after 

81 Yearn 

82 Melody 

83 Dodg^ 

84 Bush SecretaiT 
of State 

86 Title holder 

87 "Confessions of 
Felix Rrull* 
author 

88 Band 
instrument, 
with 72-Across 

89 Hawthorne 
locale 

90 Vaunt 

91 Match, in poker 

93 SufRx with dull 
or drunk 

94 Actress with an 
anv 

affectation? 


SoludoD lo Pusde of June 25^ 


Inoaon □□QnoQ anoiDnoi 

troOUQ □□□DOaEia DQDOO^ 

maims annon eiqcioqI 

in fmnn grin innnoB 

oonDDn nnooD ooa 

igfinnna Fia n oann onn otgi l 
Mfitiaa ooa rnsnnn nnnnnl 
bagg annnng nma nngnn 
proaaann naan na nn QE3n| 

no biB gn ngnnnn 

Bnn anna nnnn ^ 

nnann nan agnnfia nt , . 
gnatvj anonn ann nnonni 
pna nn n n nnnnno ormtiioQi 
an a nn san nnnnna 
. onri n n ann aanai 
KWi ma armnn nnn ni 
na mn nanofffii 
in annnnnnn nnndnl 
fan annnnn 




98 Take out 

102 Tolkien’s "The 
-^of 
Beleriand" 

104 Clear of svrmin 

105 Uninspiring 

106 Does a brake 
job 

108 The Windsors, 
e.g. 

110 Fr.holywDmen 

111 Parenthetical 
commem 

112 "Jdlicie BaU" 
musical 

113 PnandDebby 

115 Ex-Met Rusty 

117 Finely 
appointed 

118 Some PCs 

119 In with 

120 Singer with a 
Latin beat? 

125 Washington 
V.I.P. in Dakar? 

127 Assayer’s 
container 

128 SpoRscaster's 
details 

129 ■ the 

picture” 

130 Frog 

131 First name in 
college football 

132 Santa— > 

133 The opposition 

134 Wcsol garments 

135 Recognize 

136 Angora 
notttics 


1 PropoRioruK 

2 Struggles (ox'er) 

3 “The Country 
Girl* up horK? 

4 Susa's country 

5 Building block 

6 Hunk 

7 Janeiro 

8 Live 

^irojoy the good 

9 Without 

10 Way to go 

11 Supplement 

12 Irani money 

13 Benzoyl 
peroxide urget 

14 ARLstGvmrd 
Borch 


mmmm ■■■■ muiggii mmii 


Absent Offenders 
May Have Key Role 


aOUBDDaDDDDa BDBHH 


D NewYorkTimesEtBtedbyWillS/iortz. 


15 Carboys 

16 Sinm/aetxess 
in .Africa? 

17 1946 Bikini 
event 

18 LB.J., 
chronicler 
Reams 

19 Edge 

21 Laning 

27 French wing 

29 Intentions 

30 Home run 
hitter of the 
40S 

35 Commedia 

dell' 

36 Neighbor of 
Ur. 

38 Boxes 

39 Blackish 

40 Cigio 

f"Ed Sullivan 
Show” regular) 

42 Touchdown 
abbr. 


43 Early 
asirmomica! 
instrument 

44 Screenplay 

45 Ember 

47 Protein in 
Wheaties 

48 Hakeem 
Olajuwon. e.g. 

51 Weld 

52 — of the 
guard 

53 Lunatic 

5b Looked 

bide -eyed 

60 Hopper 

61 Papal letter 

62 Lotion 
ingredient 

63 "60 Minutes" 
D-Day 
repnRvr? 

65 Tnupce'i 

66 Red Crm« hero 

67 Dubai leaders 


70 Ricks 

71 Novelist Tyler 

73 •‘God is 

Fuller 

74 Absoib abuse 

75 Accliviious- 

76 1964 Lome 
Greene song hit 

79 " you 

know the 
muffin man" 
ichildrcn’s 
lyric) 

82 Reluctant flier 
at home? 

84 Bugs and Buddy 

85 mater 

86 Gold braid 

89 Anist'auihor 
Silvers icin 

90 Dramatic 
fashion look 

92 Longfuh 

95 Sultanas' rooms 

96 Igne^— ^ 

(mar>h lights) 


97 Handcuff, in 
slang 

99 AsiaticTurkey 

too Two-handed 
ho^ attempts 

101 Double twist 

103 BrobiTiing 
works 

107 Comeback 

109 Peieroian 

110 People of 
interest? 

111 1976rebeilion 
she 

113 Sink 

114 Thccnd 

115 Hillside 

116 Trite 

117 Enliven 

120 Muffed 

121 .Arch molding 

122 Superior ones? 

123 Final I'ourorg. 

124 WoshingccHi 
power grp. 

126 Inriineddo) 


CuiftteJIfOirSt^nmDbpmdiei 

LOS ANGELES — Book- 
ings and expulareis could prove 
decisive as the World Cup 
moves into the second rouno, 
witii a pair of heroes scored 
twice tor their teams, Florin 
Radudoiu of Romania and 
JosB Luis F6rez Cao^ero of 
Spain, among those who wili be 
ontofactum. 

The United States, play^ in 
the second round for toe first 
time rince 193(U will have to 
tnicft on Brarii without the nrid- 
fiMer j(^ Haikes, who got 
his second ydlow card in the 
final Gr^ A game, a 1-0 loss 
to Romania. 

Hadees’s secand-iound sus- 
pension took the U.S. team by 
smprise^ since they were under 
the mqnesaon that first-round 
bodtings wmild not be carried 
oves into the next mmd. 

The ocMof icion stemmed from 
a new FIFA directive tiiat an- 
gle yellow cards would be 
eras^ In fact, airy penalties 
resulting in w»«tAh >uma ^^ly 
througbout thel tonmamenL 

While U.S. soccer offidals 
lodged a half-hearted iqipeal, 
the defender Alen Lalas admit- 
ted that the confusion among 
the. Americans was ixitiung but 

an ^«*>Mir ra] yymfin t- 

At least Radudoiu had 
known the creisequenees d hb 
seetHid bookiiig. 

“Yes, I knew the rules," he 
said. “When it h^ipen^ 1 re- 
gretted it bnt w^re optimi||tie." 

Sunday Olisdi, at 19 the 
youngest i^yer on the I<figerian 
t<?an? , escaped a -ban when 
FIFA overUirned the ydlow 
card out to him by the 

Swedish refere e Bo Karlssw in 
a case of iWgreiwn ideatiQf. 

Oliseh was booked in Ni^ 
ria’s second match, against Ar^ 
gentina, but that shi^e caution 
was erased with the start of the 
second roimd. 


Ferhi^ the hardest hh will 
be Bulgaria, wfaidi lost T^anko 
Tsvetanov to a red card in its 
final first-round ma^ along 
with three other playen wito 
picked qp thdz second ydlow 
cards. 

Ita^s top goalkeqier, Gian- 
luca Faglni^ still has one 
match to go in a two-matdi sus- 
penaon resultiim from his red 
card in the 1-0 victory over 
NorwiQr. . 

Joaquin dd Olmo of Kfodco 
and Jan Wouters cf the Netiier- 
lands win also nriss their first 
second-round games after-get- 
ting two cautims. 

Miguel Angel Nadal of 
^lain, sent off in the opening 2 p 
2 draw with South Korea, will 
bebadc after a two-matdi ban. 

Ireland's Denis Irwin and 
Terry Phdan, Swedoi’s Martin 
DaUin and Saudi Aiabia's 
Fuad Aniin win also letum af- 
ter having missed thdi .final 
first-round matches. 

The midfielders Ion Vladohx 
of Romania' and Stefan l^ea- 
berg of Getmany bodi would 
have been banned from the sec- 
ond mind; but thdr federal 
tions sent them home for ob- 
noxious bduviOT. 

Rusaa did the sanM tiung to 

the striker Seigd Yuran aftff ^ ' 
had a dispute with the coach, 
Favd Satqrrin. But Yuran will 
soon be followed home the 
iret of his team, finished 
third in Oroup'B and did not 
(pnlify for the second round. 

• Hie referees for the 
four second-round matches 
were named Friday; 

Cjermany vs. Belgium, Kun 
Roethiisbem, Switzerland; 
Spain vs. Swimeiiand, Mario 
van der Ende, Netherlands 
Saudi Arabia vs. Sweden, Ren- 
ato Marsii^ Brazil; Rnnania 
vs. Argentina, Piei^Lulgi Pair- 
etio, Italy. 

(AFP, Reuters) 


FIRST HOUNa 

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lUinois state troopers got a workout with Spain at a practice in Lisle, Olunris. S^Min plays Switzerland on ^tnidBy*- 


be this is the jyeai that Sbanisfa 
footiMll suipnses the wond.** 
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CHAMPIONSHIP ' 

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V^tn-^Jr- .'k- 
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j ” — : — — •. - ; /: '_■ _ ; — ^ • — 

| |l)espite a No Greek Tragedy for Fairy-Tale Nigerians 


1*^ ’. *»s 


inlenutional HmU TMbuiie 

xu^^S^P ’ Massachiifieits— aemens 
found ite Nigerians talking 
about Mar^a m tbeir lodcer rooni 
Ma^M being yesterday's news — 
*55f5i tost to him in what 

shewld forever be hs last game — and the 

NtgenajM b^ ^players, thecoach was 
not overiy pleased! 1% stfllTiad to b«F 
cheOredcs. ' ; 

'^Fm ^wa ys sad when somethme hao- 
pens like 

t^” Wes- Ian . _ 

<^s»id Thomsen 

dona 5 baxuShiDeni for faffin g a dnig test.' 

happy^ I wiD you. I pray that 

Aar God may Idess hun.** ' 

Woterhetf coaches a team that bad nev^-' 
er played in a World Cop fina^ befine. 


dm. last Saturday went up against, the 
I ^eate^player of its genezation and 
i then, Tnurso^, oonfuan^y, ' realized it 
likely would never see him on the field 
again. Just when, the Nigerians were trying 
to make it big in K&iadoha's world, thdr 
idol had vanished before their eyes. 

**There are a lot- piayeis on die t^arm 
who look up to bun, but Fin the No. 1,” 
said the 20-year-old defender. Sun^' 

"I must have ydeoewssettes just of 
{gm atmy home. 1 have a poster of him on 
/he wall. After Pd6, be*$ When 1 
thought about it. we have to lo^ at this 


from a lealislic.poinl of view. He'play^ 
-the vm bn playm becanse be wadeo re- 
sults: lie wanted to be bo top thegioap. 
lbal *5 what we have to do^ too.” 

.. The Nigedans bad booie here last Satm^ 
day and lost the leadenhip d ibat Group 
D to Aigenthm by ihesc(»e of 2 - 1 . After- 
.ward, Muadooa cdlled them thugs and 
' tlwy^ embarnssed. called lum a ham actor. 
Th^.had pfaj^ hard, and he had manipu- 
lated ^eoL looked back <m it now. 
tl^ had been aiguhu with the rrferee 
Argendna scored the last two goals 
of the match. . . 

What impfms when y<m naeet a diild- 
Ito^ het^w the It b 

*ble to be.youiself. You are stod}^g him 
; and woodeiiag bliether you are making 
the slighten 'redptpcal 'inqtaci on -him. 
They wait into the game to win but smne- 
^ how die 33 -year-dd Maradona, who can*t 
' nin anymore, who would xadier top and 
hear die Tdditoe than uy to beat an ^>p<^ 
neat in ways tbatarenolonger possible foir 
1 ^ who tost all that wd^t in so little 
dme — Maradona sofflehow .became the 
center of everything were trying to do. 

. TTiey were just now mad-enough to ofh 
pose him pK^exly — honest^ — and now 
he was gone. 

‘'They vreie m the dressing room talking 
about Maradona,** Westerhof sidd. **11 was 
not an almo^ibere nocmal for a match like 
ttiis. Inude some cmifusStxi in the dressing 


room. 1 changed it, I did something, U*s 
between the b(^ a^ me.** 

Did be 5^? 

“The area between the boys and where 1 
am in the dns^g room is not 1^ enoagb 
to yell,” he said. 

Tbc winless. scoreless Greeks came oui 
playing as if th^ didn't want to go home. 
Uluma^ they lacked the self-belief to 
finish; Their best chance, a pomt-blaok 
shot to the minute, trickled off the 
fool of Panagiods Tsalouchidis dowly 
enou^ for the goalkeeper, Feier Rufai, to 
cnwiacross and fall on the ball 
From then on the Nigerians had the 
better of it, sliginly, diough they didn't 
break throum until the 42d mtoute, when 
scrapM the mil of thdr comer 
and built up m^estically, as if the defend- 
ing Greeks were orange cones to a practice 
dim Emmanuel Aanmike's shot rebound- 
ed to the Greek defender Yiannis Ralitza- 
kis, who moments later was earning a yd- 
low card for axgutog the deciaon that he 
had back-passed to tus faDen gtMikfieper. 
vdiich he deCnit^y had. It zoide for an 
todhect kick from the left corner of the 
box. The ball was tqiped to Rasheed Ye- 
ktoi, who took one st^ and boomed it over 
the in-rushing wall of Gredte as well as the 
cross bar. In this American football stadi- 
um. it looked exactly like a fidd goal 
The Greeks were tod^ forward to con- 
gratulatmg themsdves in the locker room, 
no^g that the pressure would toundaxe die 


Africans — wbe^ to iqury tune, Amunike 
burst through midfi^ and found George 
Flnidi alone on the right The goalkeeper. 
Christos Karkamanis. lost any appetite be 
might have had for diving at Finidfs feet 
wton be saw Kab'Balos come slide-tackling 
to. Ftoidi chipped the ball over of them 
to Sige^ the 1-0 lead. 

Halfume was when Westerhof gave the 
Nigerians thdr biggest lecture. He offered 
them his bonus mon^ d they won by 5-0. 
(He knew they couldn't) He made substi- 
tutions — evra withdrawing the star. Ve- 
Idni — to the second h^« but the Greeks 
showed more resolve than they had to the 
first two games comtoned. They created 
several chances that sadsfied tiiar tocaL 
vocal community at lasL 

Back and forth this game went, with the 
TV monitors in the press area tuned to 
sUentfy to Aigentimrs game to Dallas 
against Bulgaria, and you found you could 
not help thinking about Maradona. It » as 
almost as if be had ddeil The Greeks were 
thrashing about trying to score their first 
goal for no greater purpose, and the once- 
dynamic Argentines were losing to the 
Bulgarians, and h was as if the intensity’ 
had vuusbed and the center was gone. The 
core of this grmip was b^ow. 

A player like Maradona deserves a re- 
oretnoiL, a gotog ouu no matter how- much 
y<xt might dislike him, and many da He 
shouldn't just be snatched out of the game. 
It was stupid, what he had dime, and not 


worthy of his coniribulions. Even if he 
were Injiued permanently it would not 
have ended lilre this. It r^y was like he 
had t^en his own life — - and it would be 
ridiculous to say so about any athlete other 
than him. He really does scct ignorant of 
ev’oyt^g except this game, and be didn't 
even understand that until the game al- 
most was beyond him. Then he took those 
pills to lose wei^t — at least y'ou hope 
t^t's why he took them, but with him you 
never know — and it was as if the hired 
killer had choked on a salt-water taffy. 

TV screens all jumped at once 10 a 
close-up of a celebraiing BiUearian. The 
score was 2-0 for them now. t^ Held. 
Westerhof had a phone line open to Dal- 
las. The score came in late and he stood up 
and told his players they needed another 
goal. Badly. See. he understood that they 
were still paying against Maradona. 

The defender Mile Ereanolo came near 
the bench and Westerhof yeUed to him. 
“Score for God's sake that goal, and then 
we're No. 1.” 

If only it always happened like this. The 
forw’ard Daniel Amokachi carried the next 
pass as if it were a message from the 
general. Outside the box, he turned around 
three defenders and. pivoting, swung the 
entire right half of hit^If into the b^l. 

Later, from the camera bdiind goal, it 
would resemble the lone and fia^ goal 
scored by .Maradona to this toumamem. 


against the same team, an unspinning, siz- 
zling, cannoned shot searing the posts in 
the upper comer. 

Word began 10 .spread among the Nige- 
rians and then the whistle was blown and 
they were ail landing on atop each other. 
Two goals, each in injury time, had shot 
Nigeria to the top of Group D. Argentina, 
berause of its loss to Bulgaria, had plum- 
meted to third behind the Bulgarians. Af- 
ter all the qualifiers and dixies within 
the Nigerian federation over player monies 
and the humbling loss before Muadona — 
then one minute at the end of the final 
game keeps them from having to fly across 
3.000 miles (4.S00 kilometers) arid three 
lime zones to Los Angeles as the third- 
place team. The Nigerians get to stay here 
against wing-dipped Italy, while the long 
fhght west was now reser^'ed for Argentina 
without Maradona. 

And what of Maradona? 

'Mt is a slap in the face of football." 
Westerhof decided finally, when asked a 
second time. ’'Football is governed by 
rules. Wbai he has done is not in the rules." 

“I was disappointed." agreed the idola- 
tor, Oliseh. "Ashamed, really. I was think- 
ing by now he would have changed." 

They learned something from Mara- 
dona. They were the last team to play 
against him and now they were taking over 
in his place. They weren't going to be 
playing Maradona ever again. 





■r 











18 


m 





Du«lC«s'A^Ff>n».?iwc IW.Dw«ii»Kt./A»»erFrw«.IW 

In rajory time, Daniel Ambkacbi stamiiied adhot between two Gredts to score Nigeria’s second goal to Foxboro, Massachusetts. In DaOas. Hristo Stoicbkov, right, celebrated after scoring the first of Bulgaria's two goals against Argentina. 


Bulgaria Hustles Past Argentina 



Taw ^myThr A» w mi« V ftcw 

.£Kego Maradcoa, swamped by reporters, said FIFA bad ^^condemned” him withoot *iettii« me defend myself.’' 

Maradona: My Soul Is Broken’ 


tv 5iq|jf fran OSMMte 
BOSTON — Mara- 

• . dona arrived here Fii&y tnoRtr 

' tog cm a flight frtHn l^Uas, to 
be met at the airport by hto 

. land a few fnends the day after 
V his banisimieot from the Werid 

- Cup. 

“ 'As they left for an unknown 
destination, with the Mara- 
^ ' dwias reporiedly en route back 
- to Argentina, the national team 
' . was flying to Los An^es to 

prttiare its second-rwind match 
Against Rraiania on Sunday 

- Argentine del^ation om- 
• rials had requested that tte 

^ '.tesm’s flight number and hotel 

arraneeniests be kept semet ^ 
' that n could prq;>w for the 
.match in peace. 

: Maiadonahadanergedfrom 

the seclution of his hotel room 
'• ihursday night in Dalte to 
. ' -iffly that hcliad taken petfo^ 
^ ■ nance-enhancing drugs and 

■ g^srigate FIFA, soccer’s gov- 
vningbody. • . 

■. “I never took any substance 

" " hat has drugs in it,” he said. 

■ • But FIFA said five baimw 
•. :tib5tances had been found m 

, vlaradona’s urine test 

■ inc, phenylpropanolaimnc, 

• )SHido-ephediBie, non-pseuno- 
•.■phedrine and methylephc- 
. r iitoe, all variants of the stimu- 
. intephedrioe. 


FIFA's medical officials also 
stressed that they had been un- 
able to find a medictoe that 
gnn iato* all fiw d those drugs, 
which seemed to rule out his 
having taken tiiem acddentsJly 
85 part of a cold OF aflesgy reme- 
dy. 

saj^xjse it must be a 
cocktail.'^ said Dr. Michel 
d'Hboghe of B^ghun. a mem- 
ba of FIFA’s eacecutive com- 
mittee. 

“Some of tiK five toumed sub- 


don meffication," he added. 

At an tomromptu news coa- 
feraice tow hotd, Maradona 
said. “1 told those people who 
condemned me wit^ letting 
me defend mysdf that d^ did 
not onW take away the happi- 
nem of Maradona, tori of mariy 
people who love me.” 

”1 suffered a lot alone in my 
joomy” he added. *T prosmed 
m daughteis 1 wotudn’t cry 
and 1 won’t cry.” . 

Tb^ to an Aigentine tdevi- 
sion interview, jured.shortly be- 
fore the Afgenttoa-Bnlgaiia 
match Thursday, he said, 
•They cat my legs when I 

had a riianoe to recovec’^ 

don't know, maybe we 


were careless,” be said. "But 1 
swear I did not drug myself to 
play. my abili&es. 1 don’t 
needtodnigmysdf.” 

**1 thoo^t the rancor agaii^ 
Maradona had ceased,” be said. 
"But 1 now see it has not and it 
makes my sonl ariie." 

To vd>om was he referring? 

-FIFA.” he said. 

The dedsion to remove Mar- 
adona from the tournamoit was 
technolly made by the Ara^- 
tine soccer federrtion, wnirii 
aj^Mrently ' spared itself any 
ftirt to sa nctions with the ac- 
titUL FIFA said it would reserve 
a on further ponish- 

ment d Maradona unto after 
the Wotid Cup ends July 17. 

"They have retired me from 
soccer,” Maradona 'said. ”I 
don’t think 1 want another re- 
vengie; my soiil is broken.” 

' But at the Cotton Bowl be- 
fore the match, Maiicfau 
loni, who came with her fai^ 
from Venraoela, was snnmern^ 
to the hot Texas sun. ‘T just 
can’t stand it how just one ph^- 
er makes an entire counoy look 
bad.” she said angrily. 

In Aqenttoa, the pubBc^s ini- 
tial anger had dissmved into a 
sea of sysmaihy for Maradoza, 
and people were spinning end- 


less theories as to wl^ Mara- 
dt^ had wrecked his career 
and ibdr team's chances. 

"Tlus is a day of moummg 
for the nation,” said Federico 
Storani, a l^jslator and a IQcdy 
presideatial candidate for the 
opposition Radical Civic 
Union. 

"1 absdutely believe to Mar- 
adona’s good faith,” he said. 
"What happened isn't his fault, 
becanse he doesn’t have any 
technical understanding of 
medidnes.” 

Some commentators decried 
Ai^tines' chronic int^ty to 
sti^ to toe rules. 

”We Argentines break toe 
rules; it’s a way d life,” said 
Bernardo Neustadt, a proou- 
neat journalist and a friend of 
Presideat Gados btoetn. 

But conspiracy theories 
abounded. 

. **A lot of tofonnatiem is miss- 
ing,** said toe leftist writer and 
jottmaHst Osvaldo Soriano. The 
soccer assodation, he said, had 
"handed over Maradona, but to 
exdiange for wfaatr 

"You know what's happen- 
ing a banker in toienos Aires 
asked. “Everything is being 
lined im so Bratii can win.” 
(AP, Keuters, ff'P, ffTT, AFP) 


By Sam Howe Verbovek 

Nnr Ye/k TunesSoner 

DALLAS — Bulgaria want- 
ed a victory, needed at least a 
tie, and played like it. Atgeoti- 
na was still adjusting u> toe 
shock of having bad its captain 
suspended and its lineup re- 
shuffled, and played like iu 
The result was toat a senun- 
bling Bulgarian team, playing a 
mas short for the last 26 min- 
utes of tbe game, hustled its way 
into the benh in the World 

Cup’s second round with a 2-0 
vicUny here Thursday night. 

With Leonardo Ro^guez 
taking Maradona's spot to ntid- 
fldd and Oscar Ru^eri, a de- 
folder, named captain. Argen- 
tina suffered its first defeat to 
this year’s World C^, and fin- 
ished behind Nigeria and Bul- 
garia in Gnwp u. But all three 
advanced with 2-0-1 records. 

Tbe Bulgarian forward 
Hristo Stoidikov sowed in the 
60to mtoute, when he sneaked 
through tte defense on a pass 
from Pjn«t Kostadinov and 
pushed the ball just past Luis 
Islas, toe Argeutme g^tender, 
who had run out of tbe net to 
cut down iht angle. 

In the 5^ minute, three min- 
utes into iojoiy time and just as 
Aigetxtina was frantically tiytog 
to tie toe score, tbe action shift- 
ed to the Argentine goal, and 
Nasko Siiakov s«>redL almost 
silencing the pro-Argentina 
crowd at the Cotton BowL 
Tbe second goal came with 
oqN 10 men on the Arid. In the 
66tn minute, tbe Bulgarian 
team was literally put on tbe 
defensive when defender 


Tsanko Tzveiaoov was given a 
red card for a blatant push. 

But even with toe man ad- 
vantage, Argentina found it 
bard to penetrate, and several 
plays either broke down amid 
missed passes or u'ere broken 
up by Bulgaria. Its best chance 
cam e when Ramon Medina 
Bello set himself up for a boom- 
ing cross stot, but it sailed 
wide. few minutes later, Ar- 
gentina had a three-on- tw'o 
break, but signals got crossed in 


a passing routine and tbe boll 
skittered away. 

Bulgaria almost added to its 
lead to toe 86to mtoute when 
J^assiimr Balakov strode down 
the left side and ripped off a 
booming shot that Islas barely 
managed to tip high. Seven 
minutes later. Sirakov booted to 
tbe insurance goal. 

The fim h^ was scoreless 
and clo^y fought though both 
sides had tbeir opportunities. 
Five minutes toio toe game, Ga- 


■‘■'r 


briel Batistuta, who scored a 
bat trick to Argentina's 4-0 vic- 
tory over Greece, swept past the 
defense for a bead shot on a 
pass from Abel Balbo. but it 
soared just above the goal. 

In the 16to minute. Bulgaria 
bad a wonderful opiiwnunity to 
score when Sirakov just missed 
on a pass to Kostadinov, who 
bad a clear path. Bulgaria's 
Zlatko lankov put tbe ball into 
the net but be was ruled offside 
and toe goal was disallowed. 



* 4 



U'di njcrfkmni.h^ABCiuC 


icam Wos uicraiiy pui uo uic • tj » _i » 

defensive when defender Abel Balbo of Argratina was tripped up by die Bulg^an midneider Iordan LetdlKOV. 

Victory in Defeat; Argentines Avoid Italy 


By EUiott Almond 

Lv An^ila Time Stma 

DALLAS — Did Argentina win by los- 
ing? 

In toe crazy and confusmg world of 
World Dip seedtogs, U appears that it did. 

Argent^ beaded for a Tuesday mat- 
chup against da^erous July, went from 
fust to third to cfroixp D and now plays 
Romania on Sunday to the Rose Bowl. 

Nigeria woo toe group and now must 
face the Italians to Foxboro, Massadiu- 
sem. 

Bnlgaria, fitting for a berth in the sec- 
ond round, fitoshm seorad and plays 
Mexico on Tuesday at Giants Stadium in 
East RutheiftK'd, new Jersey. 

StilL tbe Bulgarians savored their coun- 
tiy’s second, and biggest Worid Cup vio- 
Uxy. 

**We showed the worid our generauon of 


soccer players is one of the best right now ,” 
said I&iisto Stoichkov, who scored the 
game’s first goal to tbe 61st mtoute. "Bul- 
garia sboidd be very proud of us.” 

About 30,000 watched the game on four 
television screens to Sofia’s town square, 
and were partying toroughout the night 
Bulgarian rq>orters said. 

Ibere was much to celebrate, coosider- 
Ipg Bidgaria entered this W^d Cup with- 
out a ^o^iy in five loumaments. But it 
broke the by defeating Greece, and 
looked inspued against Ai^ttoa. vriiich 
emiier to the day had learned that Mara- 
dona had bm banned for illegal drug use. 

The midOelder Zlatko lankov played 
down Maredona’s absence. 

"Football is played with 1 1 players,” he 
said, "not one.” 

But Aigenlioa, although more skilled 
than Bulgaria, looked emotionally 
drained. 


"1 couldn't believe it was Argentina 
playing.” said Maradona, who watched the 
game from a hotel room. 

And once Qaudio Caniggja left the 
match in the 22d mtoute because of an 
iiqury to hi$ left big toe. the once-explosive 
offense only sputtered. 

"After this defeat, it is very difficult for 
the (Mm to recognize what really hap- 
pened.” said toe midfielder Fernando Re- 
dondo. "There is nothing to say about it.” 

Still. Coatto Alfio Basile was talking. 

"Tbeir ^Jiriis were low," he said. "Mara- 
dona does so much for us. He is our leader 
on the field. It's a gmt impact not to have 
him. We all love him very much, but we 
have to go on.” 

But Bulgaria deserves some of toecrediL 

“It's easy when your players counterat- 
tack,” lankov said. 







Page 22 


IWTERWAT!ON.\L HERALD TRIBUNE, SATURDAY-SUNPAY, JULY 2-3, 1994 


Iglesias: A Hypnotic Lads ^ Edge 


PEOPLE 


M iami — as a frequent 
flier, I am alarroed {U)OUl 


the air traffic control situation. 

As you probably know, air 
traffic oonnol is the system set 
up by the federal government to 
keq) airplanes from crashing 
any more than is al^lutely 
necessary. This is accomplished 
^a radar. Here's how it works: 
A thing at the airport sends out 
radar beams that travei t^ugh 
the atmosphere until Uiey strike 
an airplane, causing it to shake 
violently during the ni^ ser- 
vice (this is called “turbu- 
lence”). The radar beams then 
bounce off the plane and travel 
back the other way until they 
are detected by the supersensi- 
tive ear of the bat, which is thus 
able to locate the mosquito, eat 
it and throw up. 

No, wait, that is sonar. The . 
radar beams travel back to the 
airport, where they form little 
bloto of light on a TV screen in 
the control tower. By analyzing 
these blobs, air trafGc controllers 
can tdl ex^y wbete the various 
airplanes ate on the map, and 
advise the pDots acoordin^y. 

A1 R TRAFHC CONTROL : 
Fli ght 1793, your current por- 
tion is dire^ over the “b” in 
Nebraska. Continue on your 
current heading until you see 
the state capital, Lincol^ which 
win be indicated by a big star. 

PILOT: This is Flight 1793, 
and we are still on the ground in 
Chicago. 

AIR TRAFFIC CONTROL: 
Whoops. Our mistake. Appar- 
ently we are picking up a bat. 

BAT: Roger. 


occupy himself pretty much full 
time with hiring per^ual attor* 
neys. 

So Al held a press conference 
with Secretary of Transporta- 
tion Federico F. Pena, wherein 
they ann ounced that the air 
traffic control sysiem is anti- 
quated. To demonstrate this 
point — and here I am quoting 
from The New York Times — 
‘^Mr. Pena handed Mr. Gore a 
vacuum tube used in an air traf- 
fic control computer at Nation- 
al Airport and said it was a 
symbol of the inefficiency that 
characterized the air traffic 
control system.” 


By Mike Zwerin 

fntemational HenUd Tnbunt 


P ARIS — Thiztiung of questions to ask Julio 
Iglesios, I was sitting on the dining terrace in the 
cour^aid of the Ritz Hotel trying not to listen to 
Muz^ versioas of Take Rve^ and '‘Caravan.” ft 


was 1 1 ;30 A. M. on a cool sunnv summer day. The 
white tablecloths, shrubs and shady trees waved in 
the gentle breeze. All would be well with the world if 
only 1 could blow away ttot ersatz music. I decided 
to think positive. Let's make the glass half full today. 


Except for me and three waiters, the courp>afd 
as empty. The waiters looked like branch bank 


1 am troubled by that image. 
1 me-an, picture the scene in the 
Nation^ Airport control tower 
while the vice president's press 
conference was going on. 

FIRST AIR TRAFFIC 
CONTROLLER: O. IC, Flight 
1793, due to congestion in the 
airport area, we’re going to have 
your plane fly around until it 
spells out “HAPPY BIRTH- 
DAY MYRON A. HORSE- 
WHACKER JR." So I want 
you to fly straight until . . . 


was empty. The waiters looked like branch Bank 
managers and seemed at home in an out-of-focus 
sort of wajr. like, on the opposite end. jailers in jail. 
Oops! Positive, remember, positive, wouldn't you 
rather serve food in the Rib than the Y? Isn't a 
watered-down “Take Rve” better than full-blooded 
Liberace? 

Of all the people who sing in the manner of Julio 
Iglesias, and they are l^on, Iglesias is the best. His 


automatic-pilot sincerity is a combination of perse- 
verance and his own special brand of taste. It cannot 

ia_. I a -.F 


Hey! My screen went blank! 
SECOND AIR TRAFFIC 


Pm not saymg that commer- 
cial air travel is dangerous. Sta- 
tistics gathered by the U. S. Oe^ 
partment of Transportation 
show that you are far safer in an 
airplane that is flying 35,000 
feet above the Earth’s surface 


than you are in an ahplane that 
has crashed into the ocean, 


Which is why we should be glad 
that Vice President Al Gore is 
getting involved. A] has been a 
very busy executive-branch 
beaver latdy, because Preddent 
Clinton, due to various unfore- 
seen world crises, has had to 


CONTROLLER: Look! Some 
idiot has removed a vacuum 
tube from our antiquated com- 
puter! 

FIRST AIR TRAFFIC 
CONTROLLER: Wait a min- 
ute! That’s Secretary of Trans- 
portation Federico F. Pena! Sir, 
that’s our vacuum tube! 

PENA: Sorry men, but the 
vice president needs this as a 
symbol of the inefflciency that 
characterizes the air traCflc con- 
trol ^tem. 

I'm confldent that, in time, 
the federal government will 
make the air traffic control sys- 
tem every Ut as modem and 
effldent as the postal service. 
But for now, we members of the 
public riiwld avoid commocial 
air traveL at least until certain 
basic steps have been taken to 
assure our safety. And I drink 
we can all agree on si^ number 
one: Al sh^d give back the 
tube. 


really be called bad, it's more an absence of taste. 
Hiere's no schmaltz in the schmaltz, no husk on the 
com. Unfortunately, as Oscar Levant might have 
said, I dunk be is doing the best he can. The total 
absence of funk is oddly refreshing, it is neither 
vulgar nor a downer. Iglesias pushes air — recycled, 
pmaps. but not polluted. What he calls his ‘Trie- 
place and Courvoisier” delivery is so hypnotizing we 
lose all desire for edge. Of course we are not forced 
to listen to him, but he is difflculi to avoid. He is a 
billboard on the shoulder of the infomiation super- 
highway. 

Bom in 1943 in Madrid, he at first wanted to be a 
career diplomat His father was a physician. Julio 
was goalkeeper for the Real Madrid soccerclub until 
a car crash temporarily paralyzed him at the of 
19. A doctor gave him a ^tar to hdp pass the time. 
“I just wani^ to entertain myself in bed.” be said 
“But then music changed ab^lutdy everything. I 
cannot imagine myself being anything but a singCT.** 
He has recorded 71 albums in 27 ye^ totming 
more than 200 platinum and gold certifications in 
markets small and large around the world Julio 
Z^esias is listed in the Guiimess Book of World 
Records for having sold more records in more lan- 
guages than any other singer. 

Emerging from the elevator and passing through 
the lobby of the Ritz, he reminded me of Captain 
Kirk bdng beamed up by Scotty. It was as though he 
had never been there. There was just this translus- 
cent bubble in his wake. Now SO, his handsome 
■am tann ed face (he lives in Miami) has few age lines. 
Disdpiine will not allow him to ^ow fat, and iris 
hair would never dare to f^ out 

In the lobby, his report with people he hardly 
knows — record company and promotion people, 
and journalists — appeared to be for real Is be as 



•meon the way over. The vocation is more unpOT- 
tant th^ (he profesdon. Maybe that's why I nu 
love it so mu(&” I l.knew iriiat he was taUang 
abemt because. ma}^ I still lo\^ journalism for the 
same ream jEfe .my hand again- 

We piiO^ tip in flont of the radio static^ A 
btincii of ziwards in a cafi^aerbss tbe.street waved 
and chanted Ju-lirO.*’‘He blew them ldKe& 

The dd^atipn of cadre awaiting him in RTL’s 
doorway was'fSshed out the diine ddrerence aa to us. 
in the lutz lobby. Is the ^parmt absence of hustle a 
hustle? '*1 thinic he’s a genuinely ample main,” the 
chanffeur, who has driven hhn many tunes, told me. 
“He likes p^le.” 

He was bm to {uomote his new album,. “Craz3(.” 
Count on Iglesias to rdease a prudently commerciat 
sdectira entitled “Crazy.” He sings Brazilian, It^- 
ian, Frendt Spahish and American son^ (this is his ' 
fourdtallmmui Eoglidi). There.are duets vntb Dolly 
PrirtOD, Art Gaxfonkd and Stii^ Ihe album ends 
with a “tune;^ ihe ciocmihg of vriheh requires guts (»* 
deplmable msensitiviQr or both. With just about any 

other entertainer, a j»p version of “Song of Jov 
from Beethoven’s Nintn Syihpfamiy would be be- 
yond inforiatidd. But the most ^irifuriating thing 
about ^lesias is that he's not even infuriating. 

He’s the joker who sells zilHoos of records to 
p^le I never met' and have notMng in common ■ 
with. People I know laugh et the very mention iris 
name. Why? What’s so coinic about ‘O^ulio Iglesias*^ 
Part of it is the silly attempt to please everybody 
everywhere all the. time. He holds the arm of the . 
pubhc, kisses'itshaad, g)1ris in its face. Mc»e ^ledfi- 
caDy, htfs the ititiiiiate nrilknian, a dreamboat fanta- 
sy for mid(fle-aged housewives. 

A AA year old intdlectiial Piuisian 1. know who 
knows she should know better tried to ejplain her . 
Iglesias fixation: “His image is imdly Latin Lover 
znacbo, like a conquistador a torero. He's the 
Porfirio Rubirosa of song. Normally, somebody Hke 
tins woold totaUy tom me off, .but I can't hefo 
fading that he’s more, complex than his image. He^s 


SdeasedFmni Prison 

Former TV evangelist Jiaf'. 
ha!g been relmsed frc«n: ' 
prisoa to a halfway bouse in 
North Carolina, after 
semog 4^ years for trindns fol- 
lowers out of Si 58 miluon. 
While be was in prison,. Bakker. 
53. was ^voFced by his vrife of 
3o’yeais. TaniHiy. • 

piiDGe Chaiies is celebrating 
his 2Stb aoniveisafy as Ponce of 
Wales, as his future sulyects de- 
tete the inpact of his candid 
tderised ioterview this week. 
De^te mudi native press 
comment, viewers jaxnmed 
swiuiiboaids at GMTv, with 85 
percent of the 80,000 who called 
saying C^es would, still make 
a suitable kmg; 83 percent 
calleR to'a BEIC radio program 
agreed. Two tabldd new^raper 
polls said his ^iproval rating 
had gone up as a r^t of the TV 
draw, nuicess Diam was not 
invi^ to the alver jnlrilee party 
at Caernarfon castle in Wdes. 

- □ 

Ameriean saxophonist 
. Ornette Cdeman has woo the 
annual International Bird 
Award, named after Chaifie 
(B^ Farkcr and qronsored by 
North Sea Jaa Festival. 

□ 

Heiis of two d the Three 


Stooges are suing the MGh^ 
Grand bold for $1 nrilUonf 
Gianddiibhen of the late Lany' 


l(»dy and Iris heart is bleeding for the perfect love. 
Me. It’s Needing .for me:” 


He reemded witii Frank Snatra the latter’s 
recent hit aWMim, ‘^>uets.” It irri^ be informative 
to oompare.tbese two crooners on the surface, 
appear to have so much in common. (They both 
smoke cigarettes and, according ;to Iglesias, agree 
that smeking hdps their vokes.)^ Sinatra can be 
^predated ^ a musidan’s educated ear and coun-. 




t^bumpkin lovera alikei: With-si^ar -or- without If 
sonidtoOT eaeems Smatia, you. can count on a: 


The total absense of funk is refreshing. 


guildess as he appears or is treadieiy afoot? He 
Rx)ked ever^>ody in the eye without leaning on 
than. He kissed female hands without hint of ha- 


KnigfU-Rufder Newspi^fers 


rassment When be hdd my aim walking through 
the revolving docH’, it was not an imposition. 

We climb^ into the backseat of a liiro to ride to 
radio RTL for an interview on the evening news. 
Pulling a pack of Marlboros from his pocket he 
asked me: “Do you smoke?” He was so pleased with 
my “yes,” he aimo^ flayed my hand with a hearty 
two-fist^ diake. He never studied singing, he tdd. 


somdxny eaeems Smatn^ you. can count on a: 
d^ree of mnsical sophistication tfade smnevriieFe, 
even if periiq>s unconsdoiis. On the other hand, 
altiiough ^ recent exposure to Jolip Igleaas has led 
to a certain amount tx idactant admmtioo, Gsten- 
ing to hiiD does not automatically flatter the listener. 
In fact the odds are not good. ' 

It is like breathing reej^ed air, watching an 
aitifidaSy colored movie. Iglesias can be desdibed 
as ersatz Muzak. A personukation of pseudo. So 
now I find niysdf with two hdf-empty glasses. 
Crazy. 


Fne and the widow of Josqrii 
W rawicim WardelL known as 
Cnfy,-aD^ed tb^ were ei^ud- 
ed fiw a Ucenang ureement 
between the hotel ana descen- 
dants'e^bead stooge Moe Uow- 
ai4 to use the stooges’ like- 
iKSses. 

□ 

' ApinsedroppedmLcx^Ness. 
14 ye^ ago will.be returne d to 
its owner after being lecovoed 
by a. submarine talcing tourists 
around the ScottiA lake. The 
pui^ which contained 50,000. 
p#»e^as and a-^paziiA rais^wrt, 
belongs to Caspar Sagrista 
Gamer of Barodcoa. 


llVnERNAllOi^ 

CLASSIFIED 

■'AppeanmPagn6& 1.^ 




WEATHER 


POSTCARD 


Europe 


Forecast for Sunday through Tuesday, as provided by Accu-Wealher. 


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iiolldBy waohond. The core 
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fkitenday and New York Cny 
Tufloday. A iropical 
dapreaslon In the Gull of 
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jO u w wU r 

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Central Europe wW have a 
haai mvo Sunifeiy Mo early 
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Rome and Madrid. Local^ 
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Uncomtortable heal arid 
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By Dennis Hevesi 

/Vfh' York rma Smu* 

N ew YORK — Week after week, on a 
freighter out of San Frandsco bound 
for the E%iUppines, four brown-paper padk- 
ages bearing six books s^iececan be found, 
ti^ed aiDoi^ the heavy-eqiripinent crates, 
on a joumQr that b^an in a basement in 
Flatbwh, id Brotridyn, New Yotk. 

Those books, collected from friends and 
nei^bors, are Dr. Jorge Suarez's way of 
giving soizKlhing back to his native land, 
in particular to the town of Jamuay on 
Pa^y Island, 200 miles (32S kilometers) 
and a 24-hour ferry ride south of Manila. 

It was there, as a smaB boy, that he 
learned to read from the newspapers and 
m^azines his mother used to wrap the 
fruits and v^tables she sdd at her gro- 
cery store. Nw, on the floor above that 
store there is the Suarez Memorial Library, 
dedicated to Suarez's father. Feliciano, 
who died a decade aQO. 

It is the only library in town. And its 
benefactors are several dozen people from 


Brooklyn — broi^t together by Suarez 
and ^ vrife. T'^na —-who find sati^action 
in knowing that ihdr old books have n^ 
^e. imprinting on minds in a faraway plaixL 
Dr. Suarez, 65, recalled how, in the 
1930$, bis mother “would buy bales of' 
newspapers” to use as wi^qiping paper. 


medical degree at Santo Tomris tloivarsily^ 
ixi Manfla in 1955, btfore lajming to the 
United States as a surgery resident at the 
Pio^pecz Heights Ho^it^ now closed, in 
downtorra Brooklyn. Thm he met and 
married anurse, Nina Gennaio, eventually 
moving into her childfaood home on Rut- 


“So when h arrived and we <^>eoed this . land Road — >the walls of which are now 


bale, I pid^ out the magaanes: Life, 
Look, Collier’s.” 


There were nine brothers and three sis- 
lers in the Suarez family. Th^ and thdr 
friends from the rutted streets would pore 
over those uqw^^apers and magazines. “It 
was reading matenal for kids in tiie n d^ h- 
boihood,” he sakL That was our outlet on 
life outside the town.” 

There were virtually no books available 
in Jamuay, srith its barrios and sturound- 
ing Adds of sugarcane, cmn and bananas. 
“71k sdiools had a certain number of 
books, but you couldn’t take them home,” 
•Dr. Soaiezsaid. 

Somehow, out of that spare eimjoii- 
ment,. Jorge Suarez managed to earn his 


lined tridi 270 dearitasse cup-and-saucer 
sets, ru^ like another; 40 lands of docks, 
and those books in the basement* 
in 1978, Suarez, witi) his v^e, returned 
to Janiu^ for the first tinie rad found, to 
hft surprise, that “there still was no library 
in the town.” There were also no phone 
, lines rad dectruaty in the evening. 

“Some acquaintances did not have any- 
thing to read, nothing^ Suarez said. “One 
..oousQicarried an<^d Read^s-Digesi with 
■ the Mnding already Uxil” 

So was com the Snarez Library, 3,000 
volmnes worth, dripped packrae by pack- 
age over the past IS years. The&iar^ pay 
fbe postage, about $25 each week, sen<^ 
thepadrages by fieigl^ becauseihat is the 
choqKSt rate. - . 


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800121 daboo* 


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osowoMia 


1 1994 .<KT